SOFTBANK GROUP, NVIDIA DECLARE TERMINATION OF NVIDIA'S ACQUISITION OF ARM LIMITED

KUALA LUMPUR, Feb 8 (Bernama) -- NVIDIA and SoftBank Group Corp (SBG or SoftBank) declared the termination of the previously announced transaction whereby NVIDIA would acquire Arm Limited (Arm) from SBG.

The parties agreed to terminate the Agreement because of significant regulatory challenges preventing the consummation of the transaction, despite good faith efforts by the parties.

Arm will now start preparations for a public offering, according to a statement.

“Arm is becoming a centre of innovation not only in the mobile phone revolution, but also in cloud computing, automotive, the Internet of Things and the metaverse, and has entered its second growth phase,” said Representative Director, Corporate Officer, Chairman & Chief Executive Officer of SoftBank Group Corp, Masayoshi Son.

“We will take this opportunity and start preparing to take Arm public, and to make even further progress.”

Meanwhile, Founder and Chief Executive Officer of NVIDIA, Jensen Huang said: “Arm has a bright future, and we’ll continue to support them as a proud licensee for decades to come. Arm is at the centre of the important dynamics in computing. Though we won’t be one company, we will partner closely with Arm.”

SBG also announced that, in coordination with Arm, it will start preparations for a public offering of Arm within the fiscal year ending March 31, 2023.

SBG believes Arm’s technology and intellectual property will continue to be at the centre of mobile computing and the development of artificial intelligence.

NVIDIA and SBG had announced that they had entered into a definitive agreement, under which NVIDIA would acquire Arm from SoftBank, on Sept 13, 2020.

The SoftBank Group invests in breakthrough technology to improve the quality of life for people worldwide.

More details at https://group.softbank/en.

-- BERNAMA