According to various media reports, SoftBank Group's deal to sell British chip company Arm to well-known chip manufacturer Nvidia failed. Nvidia (NVDA.US) will abandon the $66 billion acquisition of British chip company Arm from SoftBank, ending the largest deal in the chip industry's history.
The takeover deal came to an end
It was revealed that due to the failure of this deal, SoftBank has begun planning Arm's initial public offering.
SoftBank will receive $1.25 billion in break-up fees and seek to promote the listing of Arm during the fiscal year ending March 31, 2023.
Subsequently, Arm announced today that its board of directors has appointed Rene Haas as the new CEO. Rene has 35 years of experience in the semiconductor industry and will lead Arm to accelerate growth and prepare for an IPO. SoftBank Group Chairman and CEO Sun Zhengyi said, “Rene is the right leader to accelerate the company's growth as Arm prepares to relaunch its listing.”
Rene Haas also said, “As an innovator of the most popular computing architecture in this industry, Arm has transformed the lives of people around the world by providing the core technology for the smart phone revolution. Our unique market positioning advantages can meet the diverse needs of artificial intelligence, cloud, IoT, automotive, and metaverse. As months of uncertainty have passed, we are ready to move on to a new growth strategy that will once again change the world.”
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