Friday, March 10th 2023
Arm Holdings Seeks Public Listing in the USA Only, Despite UK Government Efforts
Arm Holdings, the Cambridge, UK-based chip designer, is seeking public listing solely in the USA. This major decision has struck a blow to the UK Government's efforts to encourage a dual public listing. Multiple Prime Ministers and high level staff have been in regular meetings with the Arm Executive Team. The current UK Prime Minister Rishi Sunak met with Arm's CEO Rene Haas and SoftBank's founder and Chief Executive Masayoshi Son back in January of this year. It was reported that the meeting was a last ditch attempt to secure an application for UK listing from both companies. Arm Senior Team members have also been in talks with representatives from the London Stock Exchange.
Rene Haas, the Chief Executive of Arm, said in a statement on March 3rd: "After engagement with the British government and the Financial Conduct Authority over several months, SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best path forward for the company and its stakeholders."
Arm, which is the world's biggest supplier of chip design elements used in products from smartphones to games consoles, pledged to keep its headquarters, operations and "material intellectual property" in the UK. The company also outlined its plans to expand its operations in the UK, with a future campus in Bristol and subsequent increase of worker numbers. "Arm is proud of its British heritage, and continues to work with the British government," the company said. "We will continue to invest and play a significant role in the British tech ecosystem."
Arm's $40 billion sale to GPU juggernaut NVIDIA was nullified in February 2022, due to "significant regulatory challenges." It was then decided to seek an IPO after the NVIDIA deal fell through, and soon thereafter Softbank executives started to set their sights on the US Nasdaq.
Arm Holdings was previously publicly listed in both US and UK markets, prior to its takeover by Japan's Softbank in mid-2016.
Sources:
Reuters, Guardian
Arm, which is the world's biggest supplier of chip design elements used in products from smartphones to games consoles, pledged to keep its headquarters, operations and "material intellectual property" in the UK. The company also outlined its plans to expand its operations in the UK, with a future campus in Bristol and subsequent increase of worker numbers. "Arm is proud of its British heritage, and continues to work with the British government," the company said. "We will continue to invest and play a significant role in the British tech ecosystem."
Arm Holdings was previously publicly listed in both US and UK markets, prior to its takeover by Japan's Softbank in mid-2016.
13 Comments on Arm Holdings Seeks Public Listing in the USA Only, Despite UK Government Efforts
I had to edit because I forgot to add the recent triumph of Britishvolt, no wonder Arm is keeping their distance.
About that subject about the politicians...… you can see already who they represent, when they introduce a windfall tax on energy suppliers with loopholes so that they don't pay a penny whilst the regular Joe pays through the nose for gas and electricity whilst the suppliers make billions. I guess the energy crisis is just for normal people.
Ditching combustion engine cars is indeed a stupid move, with the battery technology not advancing quick enough to make it cheap. I hope the ban does not include hybrid cars and its only for the classic engines.