>> Britain is open for business. At least that's the message from the UK's new Finance Minister. After Japan's SoftBank announced it's buying the UK's most valuable technology firm, chip designer ARM Holdings.>> The fact that a Japanese company just three weeks after the referendum decision, is prepared to make this kind of commitment to the UK and commit to grow that business, here in the UK, is a resounding endorsement.
>> Soft Bank will pay 17 pounds per ARM share and what will be a $32 billion cash deal. Apple, Samsung, and Huawei already use ARM technology. And Reuter's Senior Corresponding Paul Sandle says the Japanese tech group is betting on internet connected machines.>> ARM's technology is in nearly every smartphone in the world.
And SoftBank believe it can be used in many more objects around the world as the internet of things develop.>> That's a lot of connected devices such fridges, street lighting, even things in crops in agriculture, in manufacturing.>> The announcement comes just weeks after the UK's vote to leave the EU.
The Brexit vote may help Softbank afford it after battering Sterling and bolstering the Yen But CEO Masayoshi Son says he's been following ARM for ten years, and that many other factors made this the right time to buy.>> SoftBank say this wasn't an opportunistic swoop on Britain's ARM, they say they'd been watching the company for quite a long time.
ARM shares have also risen since Brexit. So they say the actual impact of Brexit has been minimal on this deal. It was something they wanted to do for a long time and they are pushing forward with it at the moment.>> With Softbank committing to keeping ARM's headquarters in Cambridge and to doubling employees in Britain the two sides hope the deal will be a win win for both.