Chipmaker ARM has agreed to a £24 billion takeover by Japan’s Softbank.
The Cambridge-based firm is based known for designing chips for Apple’s iPhone as well as devices sold by Samsung.
Softbank says it will at least double the UK headcount over the next five years as well as increasing the number of employees overseas. It also intends to keep the company’s current infrastructure including management in its current state.
Its the latest Cambridge tech firm to be sold to overseas buyers, just days after new prime minister Theresa May said she would impose restrictions on the purchase of UK companies by international predators.
Previously Autonomy was purchased by Hewlett Packard in what turned into an acrimonious deal. Just last year Qualcomm, which already had a presence in the city bought CSR.
Softbank intends to fund the deal from its own cash reserves and a long term loan from Japan’s Mizuho Bank.
