SoftBank’s selling of chip maker Arm is cancelled
Japanese SoftBank announced the cancellation of its planned sale of UK microchip designer Arm to US technology group Nvidia referring to “significant regulatory challenges preventing the consummation of the Transaction, despite good faith efforts by the parties.” SoftBank said it will instead start preparations for a public offering of Arm within the fiscal year ending March 31, 2023.
When the deal was announced in September 2020 it was valued at around USD 40 billion. The planned sale was scrutinized by the European Union, UK and US authorities.
Arm is a global leader in the development of semiconductors. The company says its processor technology is the world’s most widely licensed and deployed semiconductor design of its kind and is used in virtually all smartphones, the majority of tablets and digital TVs, and a significant proportion of all chips with embedded processors.
SoftBank in a statement said that, in line with the agreement signed by both firms in 2020, SoftBank will keep a USD 1.25 billion non-refundable deposit paid by Nvidia.
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