Masayoshi’s son is speaking during a joint announcement with Toyota Motors in October 2018 to launch a new initiative to develop mobility services in Tokyo.
Alessandro de Ciomo | Nurfoto | Getty Images
Japanese technology firm Softbank UK wants to hold a majority stake in Chip Designer Arm when it lists the company through an initial public offering.
Masayoshi Son, CEO of Softbank, confirmed the news on Thursday following a Bloomberg report last month, citing people familiar with the matter.
Son said SoftBank plans to list Arm as soon as possible, but he added that the company is willing to wait if stock markets continue to be volatile. In February, Sean said Arm would probably be listed by fiscal year ending March 31, 2023.
The billionaire declined to comment on what assessment he wants for Arm, whose energy-efficient chip architecture is used in most smartphones and many other products around the world.
Softbank was ready to sell arms to US chip giant Nvidia for 40 40 billion but the deal was scrapped in March amid intense scrutiny by competition regulators in the United States, Europe, China and the United Kingdom.
In terms of where Softbank would list Arm, Son had previously said he wanted to take the company to the public in New York, home to the technology-centric Nasdaq Stock Exchange.
The UK government, however, wants Arm to be listed on the London Stock Exchange.
Earlier this month, The Financial Times reported that Prime Minister Boris Johnson had sent a letter to Softbank requesting that the company consider armaments in its own country. Softbank declined to comment when asked about the letter.
Analysts have questioned whether Softbank will be able to make that much money in exchange for sales through an IPO.
Softbank reported record losses on Thursday in its Vision Fund investment unit as technology stocks suffered losses due to rising interest rates and after a crackdown on Beijing’s regulators.
The Vision Fund posted a loss of 3.5 trillion yen ($ 27.4 billion) in the fiscal year ended March 31, the largest loss since the investment fund began in 2017.