SoftBank Agrees To Buy ARM Holdings For More Than $30 Bln: Reports

(RTTNews) - SoftBank Group Corp. (SFTBF.PK) is nearing a deal to buy UK-based chipmaker ARM Holdings Plc. (ARM.L, ARMH) for more than $30 billion, according to media reports, citing people with knowledge of the matter.

According to the Financial Times report, SoftBank will pay 17 pounds in cash for each ARM share, a premium of more than 40 percent to Friday's close at 11.89 pounds.

An agreement could be announced as soon as Monday, reports specified. SoftBank and Arm could not immediately be reached for comment.

Any deal for ARM would come less than a month after Nikesh Arora, Son's heir apparent at SoftBank, quit the company. It also comes just weeks after Britain voted to leave the European Union, battering sterling and bolstering the yen.