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SoftBank Group selling Arm to NVIDIA for up to $40 billion

first_imgJapan’s SoftBank Group said Monday it is selling British chip designer Arm to United States chip company NVIDIA for up to US$40 billion, potentially creating a new giant in the industry.”We reached a final agreement with… NVIDIA to sell all shares in Arm… at the value of up to 40 billion dollars (about 4.2 trillion yen),” SoftBank said in a Japanese statement.The deal is subject to approval by authorities in several jurisdictions, including Britain, China, the United States and European Union, the statement added. If approved, it will be one of the biggest merger-acquisitions in the world this year and promises to propel NVIDIA to the forefront of the semiconductor sector.Founded in 1990 in the United Kingdom, Arm specialises in microprocessors, and dominates the global smartphone market. But its chips are also found in countless sensors, smart devices and cloud services.NVIDIA, well known for graphics cards that are favoured in the video game industry, has seen sales skyrocket during the coronavirus crisis, with gaming a popular past-time in lockdown.Its products are also increasingly used for artificial intelligence and in data centres. SoftBank bought Arm in 2016 for $32 billion in a deal that left investors cold and saw the conglomerate’s stock plunge sharply.Analysts at the time said SoftBank had paid too much for the firm and the purchase revived concerns about the Japanese company’s balance sheet.NVIDIA said in a statement that under the deal it will pay SoftBank $21.5 billion in common stock and $12 billion in case, $2 billion of which will be payable at signing.SoftBank may receive up to another $5 billion in cash or stock, dependent on Arm’s performance.And NVIDIA will also issue $1.5 billion in equity to Arm employees, for a deal worth a total of up to $40 billion.SoftBank said it felt Arm would perform better in combination with NVIDIA and the sale would “contribute to an increase in our company’s value for shareholders”. It said the deal would give it a combined total of 6.7-8.1 percent in NVIDIA’s outstanding shares, but insisted that would not make the US firm a subsidiary or affiliate.Topics :last_img read more

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Swedish government appoints Green MP to succeed Peter Norman

first_imgSwedish prime minister Stefan Löfven, a Social Democrat, has confirmed Per Bolund as the minister for financial markets, replacing Peter Norman.Last month saw the Swedish population take part in a general election, with the left-leaning coalition falling short of a majority, but with Löfven still electing to form a minority government with the Green Party.Bolund, a Green Party MP, will also become the deputy minister of finance in the new Swedish government.In addition to the appointment of Bolund, Annika Strandhäll is set to become the new social security minister, and in turn will take over from Ulf Krister Petersson as the chairperson of the country’s independent pensions committee. The cross-party group helps form policy on the country’s pension system and was behind the reforms announced for the AP funds.Bolund will now oversee this reform, which the outgoing government announced would be reduced from five funds to three, after accepting recommendations from the independent committee.In 2011, the then government initiated a review into the structure of the AP fund system, including the viability of buffer funds AP1 through AP4, and private equity investor AP6.Bolund, 43, became an MP in 2006 for the Green Party and has since been the economic spokesman.Previously, he was a civil servant in the industry ministry.His predecessor, Norman, began the review of the AP system having previously been in charge of the AP7 fund.The reform of the funds has been a contentious issue in Sweden, with AP3 vice-president Gustaf Hagerud leaving the fund amid speculation about whether it would cease to exist.last_img read more

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