Home Finance SoftBank’s Son says Nasdaq listing most likely for chip designer Arm

SoftBank’s Son says Nasdaq listing most likely for chip designer Arm

by Enochadmin

CEO of the SoftBank Group Masayoshi Son speaks at a brand new convention in London, Britain July 18, 2016. REUTERS/Neil Corridor

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TOKYO, June 24 (Reuters) – SoftBank Group Corp’s (9984.T) founder and Chief Govt Masayoshi Son on Friday reiterated that the Japanese conglomerate was almost certainly to listing British-based chip designer unit Arm on Nasdaq, stressing no ultimate determination has been made.

“Most of Arm’s shoppers are primarily based in Silicon Valley and … inventory markets within the U.S. would like to have Arm,” Son informed shareholders on the firm’s annual normal assembly.

Son mentioned there have been additionally requests to listing Arm in London with out elaborating on the place they got here from. The entrepreneur didn’t say whether or not the conglomerate is contemplating a secondary itemizing for Arm there.

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The Cambridge-based agency was listed in Britain with a secondary itemizing in the US previous to its acquisition by SoftBank in 2016 for $32 billion.

The 64-year-old billionaire spent a lot of his presentation on enterprise prospects for Arm, which the corporate has pivoted to itemizing following the collapse of an agreed sale to Nvidia (NVDA.O).

Son is underneath stress from shareholders as valuations of the high-growth shares he favours as funding targets fall and rates of interest rise, with SoftBank’s Imaginative and prescient Fund unit reporting a file loss in Could.

SoftBank’s shares have fallen by round a 3rd since final 12 months’s annual normal assembly.

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Reporting by Sam Nussey; Modifying by Kenneth Maxwell

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