World Economy

Japan Bank Buys UK Firm for $32b

Japan Bank Buys UK Firm for $32bJapan Bank Buys UK Firm for $32b

Japan’s Softbank has acquired UK semiconductor firm ARM Holdings in a deal worth over $32 billion, the companies announced on Monday, as the Japanese telecoms giant bolsters its presence in the growing Internet of Things sector, CNBC reported. Softbank will pay £17 ($22.48) per share for ARM, a 43% premium on Friday’s closing price, in an all-cash deal. ARM is a supplier to the likes of Apple and has been focusing heavily on improving its IoT semiconductor portfolio. IoT connected devices will number 38.5 billion in 2020, up from 13.4 billion in 2015, a rise of over 285%, according to Juniper Research, highlighting the interest in this sector from major technology giants.