July 18, 2016 / 6:38 AM / 3 years ago

SoftBank's $32 billion ARM deal shows UK attractive after Brexit vote - Hammond

Britain's Chancellor of the Exchequer, Philip Hammond meets U.S. Treasury Secretary Jack Lew (not shown) in 11 Downing Street, London July 14, 2016. REUTERS/Carl Court/Pool

LONDON (Reuters) - Japan’s SoftBank Group Corp’s (9984.T) planned purchase of chip designer ARM Holdings ARM.L for 24.3 billion pounds ($32 billion) shows that Britain remains attractive for investment after the Brexit vote, finance minister Philip Hammond said.

“Just three weeks after the referendum decision, it shows that Britain has lost none of its allure to international investors,” Chancellor of the Exchequer Hammond said in a statement.

“Britain is open for business - and open to foreign investment. Softbank’s decision confirms that Britain remains one of the most attractive destinations globally for investors to create jobs and wealth,” Hammond said.

Arm, Britain’s preeminent technology company, said the two boards had reached agreement on the terms of the deal, with SoftBank paying 1,700 pence in cash for each ARM share, representing a premium of around 43 percent.

Reporting by Guy Faulconbridge; editing by Michael Holden

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