Japan's SoftBank drops sale of Arm, plans IPO
ABC News
Japanese technology investor SoftBank says its planned sale of the British semiconductor and software design company Arm to U.S. chip maker Nvidia has fallen through
TOKYO -- SoftBank's planned sale of the British semiconductor and software design company Arm to U.S. chip maker Nvidia has fallen through, but the Japanese technology investor immediately turned bullish on its going public.
SoftBank Group Corp. said Tuesday it plans an initial public offering of Arm after the intended sale to Nvidia failed due to regulatory problems. It said the IPO would come sometime in the fiscal year ending in March 2023.
Chief Executive Masayoshi Son acknowledged he was disappointed but wasted no time in shifting to an aggressive sales pitch for Arm in its preparing to go public in the U.S., likely on the Nasdaq exchange.
“Arm is back. Rather just being back, it's really going to grow explosively,” Son told reporters.
