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SoftBank takeover UK technology giant ARM for £24billion

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UK technology giant ARM  acquired by Japanese company SoftBank for £24billion. The company designs chips for phones and computers and is  situated as a pioneer  in the so-called ‘Internet of Things. SoftBank is offering  1,700p in cash per share or a 43 per cent premium to Friday’s closing price ,according to a statement Monday. The deal would be the greatest ever for SoftBank, which under Chairman Masayoshi Son got to be one of Japan’s most acquisitive companies with stakes in  Sprint Corp. and Alibaba Group.

ARM was guaranteed by SoftBank that it would stay autonomous and keep its UK headquarters  in Cambridge. The Japanese company says it will also invest considerable sums into the business, “including doubling the UK headcount over the next five years.” It will also add employees outside of Britain. The deal would be an “all cash acquisition,” yet is still subject to various conditions before it’s finalized.

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