Business
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LONDON Japan's SoftBank Group Corp (9984.T) has agreed to buy British chip designer ARM Holdings (ARM.L) for 24.3 billion pounds ($32 billion), in a deal that will retain the company's management and grow its workforce.
Arm, Britain's preeminent technology company, said the two boards had reached agreement on the terms of the deal, with SoftBank paying 1,700 pence in cash for each ARM share, representing a premium of around 43 percent.
Shareholders will also receive a dividend.
SoftBank said it intended to preserve the ARM organization, including its headquarters in Cambridge in central England, its existing senior management team, brand and partnership-based business model.
It also pledged to at least double ARM's employee headcount in the UK and increase its headcount outside of the country over the next five years.
(Reporting by Kate Holton; editing by Michael Holden)