ARM is a British multinational semiconductor and software design company with headquarters in England. ARM is most popular for its design of ARM processors which are commonly used in most of the smartphones produced today.
They announced on Monday morning that it had agreed an offer that will see it acquired by Softbank, a Japanese telecoms company for a huge $32.15 billion. SoftBank intends to use ARM's chip knowledge to expand its internet of things division as the world is gearing towards IoT.
"There is a great alignment between the way we work and the way they think about the world," said Simon Segars, ARM's chief executive in a video, posted by the company,in which he answerered questions about the acquisition.
SoftBank as part of the deal, promised to employ an additional 1,500 British staff over the next five years, as well as to grow the company outside of the UK. The chipmaker's successful business model, culture and brand will remain unchanged, the two companies posted.
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