SoftBank has today confirmed that it’s plans to acquire UK mobile chip manufacturer ARM for £24 billion. The UK company will keep its base in Cambridge but expects to expand its workforce.

In a press release SoftBank confirmed the deal, which was rumoured over the weekend, which will see the Japanese company acquire the UK firm for a recommended price of £17 a share. Up from the closing price of £11.89 this past Friday.

ARM has confirmed that it’ll retain is base in Cambridge but expects to double its workforce of 3,000 in the next five years. SoftBank’s acquisition of ARM will hopefully help it become a key player in the Internet of Things market.

“This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank’s growth strategy going forward,” said SoftBank CEO Masayoshi Son. “We have long admired ARM as a world renowned and highly respected technology company that is by some distance the market leader in its field.”

SoftBank recently made the news following its sale of the majority of its stake in Clash of Clans developer SuperCell, which it sold to Chinese company Tencent.

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