- The Financial Times reported that SoftBank has quit working on an IPO for chip maker Arm because of political upheaval in the U.K.
- U.K. Prime Minister Boris Johnson resigned earlier this month as leader of the Conservative Party, and other members of his cabinet who allegedly had close contacts with SoftBank have also stepped down.
- Masayoshi Son, founder of SoftBank, previously said Arm would most likely list on the Nasdaq in the U.S., but warned the decision was not final.
SoftBank has dropped plans for a London IPO for chip designer Arm because of political turmoil in the British government, according to the Financial Times.
U.K. Prime Minister Boris Johnson, who leads the Conservative Party, resigned earlier this month. Leaders of SoftBank in negotiations with the ministers of the Conservatives, have also stepped down.
As a result, SoftBank has put talks on hold, according to reports that cites insiders.
Masayoshi Son, founder of SoftBank, previously said Arm would most likely list on the Nasdaq in the U.S., but warned the decision was not final.
SoftBank bought ARM, a UK-based company, for $32 billion in 2016, and has been considering giving the company dual listings in the UK and US.
In 2016, the Japanese investor acquired Arm, and then took the company public after its deal with Nvidia to sell Arm was blocked.
On Tuesday, SoftBank’s shares rose 1% in Tokyo.
To read the Financial Times report in full, visit the following link.