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Technology Stocks : Softbank Group Corp

SFTBY 87.90

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Oct 31 3:59 PM EDT

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From: Sr K	8/24/2020 8:38:44 PM
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8/24 Arm Ltd. to retain two IOT businesses in-house. Arm Ltd. Halts Spinoff of Two Internet of Things Businesses to SoftBank U.K.-based Arm announced plans for the spinoff to its parent company a month ago Updated Aug. 24, 2020 6:44 pm ET Mobile phone chip designer Arm Ltd. has called off a planned spinoff of two businesses to parent company SoftBank Group Corp as the Japanese investment firm evaluates options for the semiconductor company it bought four years ago for $32 billion. Arm is based in the U.K. and designs circuitry that powers the majority of the world’s smartphones. A month ago, the company said it planned to transfer two Internet of Things businesses to SoftBank. On Monday, a company spokesman said that Arm, after further investigating its options, decided to keep the businesses under its umbrella. But the company will keep them distinct from Arm’s core chip-design business, with separate operations and accounting, the spokesman said, without elaborating. Arm determined that the businesses could realize the same benefits of a spinoff to SoftBank by keeping the operations in-house, the spokesman said. He declined to say if or how the move related to the potential sale or public offering of Arm, which Japan-based SoftBank has been considering. Keeping the assets under Arm’s corporate structure could make the company more valuable—and perhaps more attractive to potential buyers. Under pressure for change from activist investor Elliott Management Corp., SoftBank in recent months promised some $42.5 billion in asset disposals, almost all of which it has completed or agreed to. It has a broad portfolio of holdings that include a large stake in China’s e-commerce giant Alibaba Group Holding Ltd. and the Arm investment.

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