SoftBank Group selling Arm to Nvidia for up to $40 billion

SoftBank Group said Monday it is selling British chip designer Arm Ltd. to U.S. chip company Nvidia for up to $40 billion, potentially creating a new giant in the industry. "We reached a final agreement with … Nvidia to sell all shares in Arm" at the value of up to $40 billion dollars (about ¥4.2 trillion), SoftBank said in a statement. The deal is subject to approval by authorities in several jurisdictions, including Britain, China, the United States and European Union, the statement added. If approved, it will be one of the biggest merger-acquisitions in the world this year and promises to propel Nvidia to the forefront of the semiconductor sector. Founded in 1990 in the United Kingdom, Arm specializes in microprocessors, and dominates the global smartphone market.