Japan’s Softbank is to buy ARM Holdings, one of the UK’s biggest technology companies, for £24bn ($32bn). The board of ARM is expected to recommend shareholders accept the offer – close to a 43% premium on its closing market value of £16.8bn on Friday, reports BBC.
The Cambridge-based firm designs microchips for an array of mobile phone devices including Apple’s iPhone. ARM, which was founded in 1990, employs more than 3,000 people.
According to Reuters, SoftBank said it intended to preserve the ARM organization, including its headquarters in Cambridge in central England, its existing senior management team, brand and partnership-based business model.
It also pledged to at least double ARM’s employee headcount in the UK and increase its headcount outside of the country over the next five years.
Softbank is one of the world’s biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son.