From CNET: British chip design company ARM Holdings confirmed Monday that it has agreed to be acquired by Japanese telecommunications company SoftBank for £24.3 billion ($32.15 billion).
ARM is not as well known as big chipmakers such as Qualcomm and Intel, but its work is behind the processors inside many of the world's mobile phones. SoftBank, which is the majority owner of US carrier Sprint, intends to use ARM's chip knowledge to expand its internet of things division.
"There is a great alignment between the way we work and the way they think about the world," Simon Segars, ARM's chief executive, said in a video posted by the company, in which he answers questions about the acquisition.
As part of the deal, SoftBank promised to employ an additional 1,500 British staff over the next five years, as well as to grow the company outside of the UK. The chip specialist's business model, culture and brand will remain unchanged, the two companies said.
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