ARM rebuffs London by choosing U.S. listing

[pellinore]

LONDON, March 3 (Reuters) - Arm, the chip designer owned by Japan's SoftBank (9984.T), said on Friday it would pursue a U.S.-only listing this year, dashing the British government's hopes that the tech giant would return to the London stock market.

The decision is a blow to London, where Arm was listed for 18 years until it was bought by SoftBank in 2016 in a $32 billion deal that received the minimum level of scrutiny by the government, leading to criticism that it had allowed Britain's biggest tech success to be bought by foreign investors.

The loss follows a decision by Dublin-based building materials giant CRH on Thursday to move its primary listing from London to the United States.

Arm designs the processor technology used in nearly every smartphone, selling intellectual property to companies such as Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O).

SoftBank's Arm rebuffs London by choosing U.S. listing | Reuters

Edited March 3, 2023 by pellinore