Softbank Reportedly Near Blockbuster Deal for British Chipmaker ARM Holdings
Bloomberg News
Japanese telecom giant Softbank is poised to acquire Cambridge, England-based ARM Holdings (ARMH) , multiple news outlets reported Sunday evening.
Several outlets reported that Softbank will acquire the British semiconductor company. The deal is set to be announced Monday.
Most outlets said that ARM would fetch about £24 billion ($32 billion), a roughly 50% premium over Friday's close.
The New York Times was the first outlet to report the news of the deal, while The Financial Times was the first to provide financing deals.
ARM is one of the most important British technology companies, with its technology used in Apple (AAPL) - Get Report iPhones, among other products.
While new U.K. Prime Minister Theresa May vowed to combat foreign takeovers of British companies, Softbank is reportedly sweetening the deal. The BBC reported, for instance, that Softbank committed to double ARM's U.K. workforce.
Softbank acquired U.S. mobile carrier Sprint S in 2013. Among its other holdings are large stakes in Yahoo! Japan and Alibaba Group Holding (BABA) - Get Report .
, which Cramer co-manages as a charitable trust, is long AAPL.