“At first, this seems like quite an undervaluation for ARM – after all, it’s one of Britain’s most successful tech companies,” Highfield reports. “However, The Guardian notes that SoftBank bought ARM at £17 per share – 43% more than ARM’s standard share price on Friday, and 41% higher than ARM’s all-time high.”
“The deal has been on the cards since before the EU referendum, but the devaluation of the pound against the Yen has given SoftBank a great opportunity,” Highfield reports. “By our calculations, Brexit saved SoftBank around £3.3 billion.”
Read more in the full article here.
MacDailyNews Take: We can imagine that the powers that be at SoftBank were fairly salivating over the possibility of a Leave vote victory in the UK.
Japan’s Softbank just became one of Apple’s most important suppliers – July 18, 2016
Softbank to acquire Apple chip designing partner ARM for $32 billion – July 18, 2016