SoftBank Not Proposing Arm Investment To Samsung

SoftBank’s “strategic alliance” with Samsung and UK chip designer Arm will not include a proposal for investment, local news said on Wednesday.

SoftBank chief executive Masayoshi Son has not proposed that Samsung buy a stake in Arm or make a pre-IPO investment, the JoongAng daily newspaper reported, citing unnamed industry sources.

The billionaire met with Samsung on Tuesday to discuss forming a “strategic alliance” with UK chip designer Arm’s Chief Executive Rene Haas also present. The meeting was Son’s first visit to Seoul in three years

Also on AF: Europe Beats China for World’s Top EV Growth Markets

Arm, a Cambridge based firm, produces technology that powers Apple’s iPhone and nearly all other smartphones.

SoftBank acquired Arm in 2016 for $32 billion. A subsequent proposed deal to sell it to Nvidia aroused industry opposition and foundered on regulatory hurdles, prompting SoftBank to outline plans for a US listing of the Cambridge-based firm.