Business Standard

Chip designer Arm to pause spin-off of its software units to SoftBank

Chip company Arm Holdings Ltd said on Monday it has put the brakes on the proposed transfer of two of its software businesses to its Japan-based parent SoftBank Group Corp

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Reuters
(Reuters) - Chip company Arm Holdings Ltd said on Monday it has put the brakes on the proposed transfer of two of its software businesses to its Japan-based parent SoftBank Group Corp.
In July, Arm said it would transfer two units under its internet-of-things services group to Softbank and that it was aiming to complete the transfer by September.
Arm, which supplies chips for virtually all mobile devices, said on Monday it has opted to keep the two units with separate accounting structures.
SoftBank, a telecommunications carrier, acquired Arm for $32 billion (24.51 billion pounds) in 2016, its largest-ever purchase, in part to expand into the "internet of things" sector, which connects everyday devices from traffic signals to refrigerators to the internet.
SoftBank declined to comment.
 
(Reporting by Neha Malara in Bengaluru and Stephen Nellis in San Francisco; Editing by Shounak Dasgupta)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : SoftBank

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First Published: Aug 25 2020 | 7:43 AM IST

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