Tech

SoftBank halts Arm IPO plans in London – FT

(Reuters) – SoftBank has shelved plans for an initial public offering in London of British microchip firm Arm Ltd due to political upheaval in the UK government, the Financial Times reported on Monday.

The departure of Investments Secretary Gerry Grimstone and Digital Technology Minister Chris Philp following the collapse of British Prime Minister Boris Johnson’s government earlier this month prompted SoftBank to suspend discussions about a UK listing of Arm next year, the FT reported, citing people briefed on the talks. . .

According to the report, the political upheaval could pave the way for SoftBank’s easier U.S. listing, which the Japanese tech investor’s founder, billionaire Masayoshi Son, had originally advocated. (https://on.ft.com/3zfmYen)

SoftBank bought Cambridge, England-based Arm for $32 billion in 2016 and has been considering locations for the chip maker in the U.K. and U.S.

Arm declined to comment. SoftBank and a spokesman for the UK government did not immediately respond to Reuters’ request for comment.

(Reporting by Shivani Tann and Yuvraj Malik in Bangalore; Editing by Anil D’Silva)



SoftBank halts Arm IPO plans in London – FT

Source link SoftBank halts Arm IPO plans in London – FT

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