Softbank Buys ARM For 24 Billion Pounds

Japanese technology giant Softbank is taking over British chip designer ARM for 24.3 billion British pounds (around 29 billion euro), ARM announced today. It’s the biggest takeover from Softbank so far. The Japanese company paid 1700 pence per share, 43 percent more than ARM’s current quotation.

ARM is the most valuable technology company on London’s stock exchange. The company designs the architecture of computer chips. Companies like Qualcomm, Samsung and Apple pay the British company to make use of its designs. The technology from ARM can be found in around 95 percent of all smartphones.

The takeover follows several weeks after the British people have decided to leave the European Union in a referendum. Although the company warned that the decision to leave the EU could cause problems for its personnel, the company earns most of its revenue in dollars.

If the recent takeover will result in job cuts and if ARM’s headquarters will remain in the United Kingdom is still unclear.