SoftBank buys chip designer ARM for $32 bn

SoftBank Group Corp has agreed to buy U.K. chip designer ARM Holdings PLC in a 24.3 billion pound ($32.2 billion) deal, the two companies said on Monday, in an ambitious bet on mobile Internet that will transform the Japanese tech group.

ARM, the most valuable tech company listed in London by market value, is a major presence in mobile processing, with its processor and graphics technology used by Samsung, Huawei and Apple in their in-house designed microchips.