Gadgetory

Softbank is buying art for 32 billion dollars you might not know ARM Holdings by name but the company's technology is probably powering your smartphone arm is a uk-based processor designer and many companies including Apple Samsung and Qualcomm licensed its designs to make their own processors for smartphones and other devices Japanese telecoms Softbank is in the process of acquiring arm for about thirty two point one five billion dollars in an all-cash deal some of the terms of the deal were announced on a new site available at accelerating tech comm Softbank will pay arm shareholders a forty three percent premium on the stocks closing price as of July 15th Softbank will double arms UK headcount over the next five years the site also says arm as a company will remain relatively unchanged arm CEO Simon Seger's explained why the company agreed to be purchased by Softbank he says the company wasn't looking to sell but when Softbank came a-knockin arm had to consider it the price had to be compelling to shareholders and the deal would have to provide a future that is more exciting than arm could achieve on its own segars mentioned how arm and Softbank have no overlap so arm could continue to license its technologies to various companies as it did before there would be no conflict from its new parent company in general arm has been very successful in the mobile space due in part to its low power requirements arm based processors can be found in video streamers like the Apple TV and Google's chromecast arms technology also powers Amazon's echo smart speaker arm is one of softbank's larger acquisitions in the past Softbank purchase vodafone japan and also acquired a 70% stake in u.s. telecom sprint that's it for this tech news update I'm iuz Akhtar and you can stay on top of the biggest stories at cnet.com slash