“ARM Holdings is to be sold to Japan’s SoftBank for £24.3 billion,” Vaughn Highfield reports for Alphr.
“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.
SEE ALSO:
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
SoftBank paid way too much. The reason is that they will have to listen to such inane things as “been on the cards” rather than the obviously more correct “been in the cards”
This is a catastrophe for UK tech, however it gets dressed up by our government. Imagine if the US woke up one day and Apple had been sold on the cheap to a foreign company and you’ll get the idea. ARM was our greatest tech firm, and now, like our entire car industry, our major food brands, our manufacturers, our retailers, even our energy, water and transport companies, it’s been sold on the cheap.
This country is done. Everything good about it is up for sale, never mind the consequences.
And Apple used to own 47% of Arm (Advanced RISC Machines), were the lead partner in creating the company in a joint venture between Acorn Computers, Apple Computer and VLSI Technology. The Acorn RISC Machine processor was chosen by Apple for the Newton.
Yea SoftBank was already buzzing around ARM so it’s no wonder that the powers that BEE pounced on it.