The Japanese owner of the British chip designer Arm said that London is still fighting for the company’s upcoming listing on the stock market, after intense lobbying for the presentation of the initial public offering in the United Kingdom.
SoftBank Group CEO and CEO Masayoshi Son told shareholders at the investment giant’s annual meeting that the technology-focused Nasdaq stock exchange in the United States was still his “main preference.”
However, he also stressed that no decision had been made and that he was also “studying” a list in London.
“We have received requests from various people in the UK to register our company in London,” Son told SoftBank’s annual general meeting, according to the Nikkei news service.
“We receive strong love calls. Our main preference is the Nasdaq, but we haven’t decided yet. I would like to study a little more and make a final decision. “
It turned out that the Prime Minister of the United Kingdom Boris Johnson joined the lobbying efforts of government officials and executives of the London Stock Exchange to try to persuade Arm to sail to London, culminating in Johnson writing a letter to the bosses of SoftBank.
Arm has more than 500 customers who use its chip design, including Apple, Samsung and Google, in products ranging from iPads and mobile phones to cars and smart TVs, and analysts estimate the company could cost up to $ 40 billion. (£ 32.1). bn) when it becomes public.
Earlier, Son rejected London’s offer of Arm, saying in February: “The Nasdaq exchange in the United States, which is at the heart of global high technology, would be most appropriate.”
Sign up for the Business Today daily email or follow the Guardian Business on Twitter at @BusinessDesk
The UK government is trying to make London more attractive to technology companies, including through last year’s controversial decision to give founders more control, through a dual class share structure and by reducing the number of shares needed to offer to the public. up to only 10%.
SoftBank, which bought the Cambridge-based chip company for $ 32 billion in 2016, is looking to list Arm after its potential $ 66 billion sale to US-based Nvidia collapsed earlier this year after regulatory hurdles by both sides of the Atlantic.
Son has invested in a number of companies in recent years, including Uber’s travel sharing app and, well-known, office space company WeWork, which has led the Japanese investment firm to a quarterly loss of 704 billion yen (£ 5 billion).
Add Comment