UK tech giant ARM Holdings bought by Japanese company Softbank for £24bn

ARM Holdings, one of the UK’s leading technology companies, has been taken over by the Japanese company Softbank for £24.3bn. ARM’s intellectual property designs are used in 95% of all smartphones produced worldwide. Softbank intends to invest to maintain ARM’s position as an industry leader, keep its headquarters in the UK, and promises to double the number of UK employees over the next five years. Matt Hancock, the UK’s new Minister of State for Digital & Culture, says the takeover “highlights Britain’s capability to grow & build world-beating Tech companies”.

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