Japanese giant SoftBank has completed its £24.3 billion acquisition of Cambridge-based ARM, with the once public company delisted from the London Stock Exchange as of this morning.
Announced back in July, SoftBank's acquisition of ARM marks the largest UK tech deal in history. SoftBank founder and chief executive Masayoshi Son denied that the timing of the £24.3 billion purchase was in any way related to the 'Brexit' referendum that had earlier sent the value of Pound Sterling currency plummeting, but rather was the result of a delay in his company being able to find a bridge loan for the funds.
In a joint open letter, Son and his ARM counterpart Simon Segars wrote of the 'historic day' with the promise 'now that ARM is part of the SoftBank Group, the vision and mission we share will not change; it is business as usual – only better. [...] ARM's senior team will remain in place and there is a continued commitment to the cornerstones of ARM's success: neutrality, delivering energy-efficient and innovative technology across multiple markets and shared rewards for our partners, stakeholders and people.
'Together, we will continue to expand the technology that ARM offers through an even greater focus on research and development across the range of our processor designs, systems and software, physical IP, security technologies, wireless and smart connected platforms. ARM, as a member of the SoftBank Group, will remain an advanced engineering company that attracts and retains people who are passionate about developing technology that invisibly enables opportunity for a globally-connected population.'
Son had previously committed to doubling ARM's UK workforce over the next five years, though the open letter makes no reference to his company's plans for ARM's UK holdings in the long term.
Announced back in July, SoftBank's acquisition of ARM marks the largest UK tech deal in history. SoftBank founder and chief executive Masayoshi Son denied that the timing of the £24.3 billion purchase was in any way related to the 'Brexit' referendum that had earlier sent the value of Pound Sterling currency plummeting, but rather was the result of a delay in his company being able to find a bridge loan for the funds.
In a joint open letter, Son and his ARM counterpart Simon Segars wrote of the 'historic day' with the promise 'now that ARM is part of the SoftBank Group, the vision and mission we share will not change; it is business as usual – only better. [...] ARM's senior team will remain in place and there is a continued commitment to the cornerstones of ARM's success: neutrality, delivering energy-efficient and innovative technology across multiple markets and shared rewards for our partners, stakeholders and people.
'Together, we will continue to expand the technology that ARM offers through an even greater focus on research and development across the range of our processor designs, systems and software, physical IP, security technologies, wireless and smart connected platforms. ARM, as a member of the SoftBank Group, will remain an advanced engineering company that attracts and retains people who are passionate about developing technology that invisibly enables opportunity for a globally-connected population.'
Son had previously committed to doubling ARM's UK workforce over the next five years, though the open letter makes no reference to his company's plans for ARM's UK holdings in the long term.
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