British chipmaker ARM bought by Japan's SoftBank for $32BN - CNET

British chip manufacturer ARM confirmed on Monday moing that it had agreed an offer that will see it acquired by Japanese telecoms company SoftBank for £24.3 billion ($32.15 billion).

ARM is not as well known as chipmakers such as Qualcomm and Intel, but it makes the processors inside many of the world's mobile phones. SoftBank intends to use ARM's chip knowledge to expand its inteet of things division.

"There is a great alignment between the way we work and the way they think about the world," said Simon Segars, ARM's chief executive in a video, posted by the company, in which he answers questions about the acquisition.

SoftBank promised as part of the deal to employ an additional 1,500 British staff over the next five years, as well as to grow the company outside of the UK. The chipmaker's successful business model, culture and brand will remain unchanged, the two companies confirmed.