Japanese technology company SoftBank Group Corp. is buying British semiconductor company ARM Holdings for $31 billion.
The agreement, disclosed Monday, underlines SoftBank's desire to expand in the Internet of Things, which refers to how almost anything these days has become a computer device that can connect online. SoftBank said ARM has a solid reputation as an innovator in the Internet of Things.
The pound has weakened recently after Britain voted to leave the European Union, making such acquisitions more attractive financially.
SoftBank said its board approved the deal, but ARM shareholders and the English courts need to approve it. ARM has recommended the deal be approved by its shareholders. SoftBank is seeking to complete the purchase by the end of September, it said in a statement.
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