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Benzinga
Benzinga
Business
Anusuya Lahiri

SoftBank Aims For Arm IPO After Nvidia Dumps Takeover Plans

Nvidia SoftBank SFTBY Arm Ltd. NVDA Nvidia Corp Rene Haas SoftBank Group Corp
  • SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) aims for an initial public offering for Arm Ltd. Nvidia Corp's (NASDAQ:NVDA) just abandoned the proposed acquisition of the chip designer amid fierce opposition from regulators and customers.
  • SoftBank will keep a $1.25 billion breakup fee with the deal's termination.
  • Related Content: Nvidia Quietly Looks To Dump Its Arm Ambitions
  • SoftBank looks for an IPO in the fiscal year ending in March 2023. 
  • Arm CEO Simon Segars resigned, and President Rene Haas will take over Bloomberg reports.
  • Nvidia had announced the proposed acquisition of Arm in September 2020, aiming to take control of chip technology from phones to factory equipment. 
  • However, the $40 billion deal faced opposition from the start. Arm's customers scorned the idea, and regulators vowed to give it scrutiny.
  • Price Action: SFTBY shares traded higher by 3.24% at $23.23 in the premarket session on the last check Tuesday.
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