Softbank Cancels Sale Of U.K. Chip Firm Arm

Share post:

Japan’s Softbank has cancelled its planned sale of U.K. chip company Arm to U.S. technology group Nvidia.

The two organizations decided to terminate the transaction “because of significant regulatory challenges preventing the consummation of the transaction, despite good faith efforts by the parties.”

As part of the agreement, which both companies signed in 2020, Softbank will retain a $1.5 billion non-refundable deposit that Nvidia will pay.

In the future, Softbank will work towards listing Arm’s shares on the stock exchange by the end of March next year.

“We will take this opportunity and start preparing to take Arm public, and to make even further progress,” SoftBank chief Masayoshi Son said.

Since the deal became public, several authorities, including U.S., U.K. and EU regulators, have tried to stop it, and critics say the deal will put Nvidia’s competitors at its mercy, a move that effectively threatens healthy competition.

For more information, read the original story on the BBC.


Related articles

Kaspersky to shut down its US business due to sanctions

Russian cybersecurity firm Kaspersky Lab announced it will cease its U.S. operations starting July 20, following sanctions from...

Intuit lays off 1,800 people amid a shift to AI

Intuit, the company behind QuickBooks, Credit Karma, and TurboTax, is laying off 1,800 employees, which is about 10%...

VMWare revenue drops by $600 million but Broadcom assures investors growth plan is on track

In its first full quarter under Broadcom's ownership, VMware's revenue fell by $600 million, dropping to $2.7 billion....

Apple faces backlash over recent ads

Apple is currently facing significant public backlash due to a controversial advertisement featuring a hydraulic press crushing various...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways