Arm, the chip designer owned by Japan's SoftBank , said on Friday it would pursue a U.S.-only listing this year, dashing the British government's hopes that the tech giant would return to the London stock market.
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei KatoSoftBank pursuing IPO after collapse of sale of Arm to NvidiaLONDON, March 3 - Arm, the chip designer owned by Japan's SoftBank
, said on Friday it would pursue a U.S.-only listing this year, dashing the British government's hopes that the tech giant would return to the London stock market. The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details.
But the decision is a blow to London, where Arm was listed for 18 years until it was bought by SoftBank in 2016 in a $32 billion deal that received the minimum level of scrutiny by the government, leading to criticism that it had allowed Britain's biggest tech success to be bought by foreign investors.
London worked hard to get the listing, with Prime Minister Rishi Sunak and Arm Chief Executive Rene Haas meeting in Downing Street last month, according to reports. SoftBank's founder Masayoshi Son said to have joined by video call.
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