Tokyo, July 18, 2016: Japanese company SoftBank has confirmed reports that it planned to acquire semiconductor chipmaker ARM Holdings (ARM) in a £24.3 billion ($32 billion) cash deal.
The deal represents Softbank’s biggest acquisition since the US $21.3 billion buyout of U.S. telecoms company Sprint, and the biggest-ever acquisition of a European tech company.
Founded out of Cambridge, U.K., in 1990, ARM powers the processors in most of the world’s smartphones, including iPhones, and with its low power-consumption and cost the company is also pushing hard into the burgeoning Internet of Things (IoT) industry.
ARM was originally called Advanced RISC Machines,before switching to its acronym in 1998. It was a joint venture between Apple, VLSI Technology, and Acorn Computers, and was chosen by Apple for use in its Newton PDA device.
ARM’s processor designs power more than 95 percent of the smartphones.
Image Credit: ARM