The British chipset-maker that provides parts for iPhones has agreed to be acquired by Japanese firm SoftBank for £24 billion, it has been confirmed.
ARM, one of the UK’s most successful ever technology companies, designs the chips which power Apple’s iPhone, as well as a string of other smartphones from the likes of Samsung.
It's not clear how the deal will affect ARM’s relationship with the world’s biggest mobile-makers. However, SoftBank has said it wants to retain its current business model.
SoftBank says that ARM will continue to have its headquarters in Cambridge and has promised to double the size of the company’s staff over five years.
ARM is likely to have helped Apple create its new A10 chip, which will power the forthcoming iPhone 7.
Samsung’s new Galaxy Note 7 is also set to feature a chipset with ARM–made processors. Both devices are due to launch over the next two months.
The takeover is likely to be seen as a shot in the arm for the UK economy, at a time of deep uncertainty following last month’s decision to leave the European Union.
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