Japanese giant SoftBank can now begin its preparations for an internet of things (IoT) future, confirming the purchase of the semiconductor manufacturer ARM for £24bn.
The SoftBank takeover bid was first announced back in July as part of the company’s attempt to corner a substantial portion of the IoT market that is rapidly bringing devices of all shapes and sizes online.
Just a few days ago, the enormous tech takeover received the necessary regulatory clearance, paving the way for today’s announcement.
According to TechCrunch, this formal takeover will result in ARM being de-listed from the London Stock Exchange as of 6 September, with SoftBank’s planning to run the ARM company as a standalone business.
In a statement announcing the completion of the deal, SoftBank confirmed the agreed figure of £24bn. The two companies will now begin consolidating their previously independent financial structures.
As previously reported, the decision to snap up ARM following the Brexit vote was seen as a cunning move, with the sterling at its lowest value in 30 years.
However, following the announcement in July of its intentions to purchase ARM, SoftBank’s CEO and founder Masayoshi Son denied that Brexit would make the deal a bad investment.
“I’m not investing in a distressed asset,” Son said at the time.
“I’m investing in a paradigm shift … that’s my passion, and that’s my view.”
With ARM’s business now subsumed into SoftBank, the Japanese company has access to one of the largest semiconductor businesses in the world, shipping over 15bn chips worldwide in 2015.
SoftBank sign image via MIKI Yoshihito/Flickr