Japan's Softbank buys Britain's ARM Holdings for 31 billion

Japanese technology company SoftBank Group Corp. is buying British ARM Holdings for 31 billion in a deal the British government hailed Monday as a vote of confidence in the country following last month's vote to leave the European Union. The recommended cash deal underlines SoftBank's desire to expand in the so-called Internet of Things, which refers to how a multitude of home devices from smart-thermostats to security cameras and domestic appliances can connect online and work in sync. ARM, which is the biggest-listed technology company in Britain, has a world-renowned reputation as an innovator in the Internet of Things -- its technology is used in most smartphones, for example. "ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the Internet of Things," said Masayoshi Son, chairman and chief executive of SoftBank. ARM centers its business on intellectual property, especially in mobile computing, rather than chip manufacturing, for which it relies on partners.