Britain’s arguably most successful technology firm, ARM Holdings, is to be sold to Softbank for £24.3bn, The Guardian reported on 18 July.
Through ownership of the Cambridge-based firm—whose microchips are used in more than 95% of smartphones—Softbank hopes to become a leader in the Internet of Things.
Philip Hammond, chancellor of the exchequer, said: “Just three weeks after the [EU membership] referendum decision, [the deal] shows that Britain has lost none of its allure to international investors”.