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Brexit Mega deal after Brexit: Japan's Softbank acquires UK firm for $32 billion

This is the first major deal in the United Kingdom following the vote to exit the European Union last month.The  Leave Campaign have hailed the announcement as a sign of Britain’s continuous attractiveness for businesses around the world.

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CEO of Softbank; Masayoshi Son
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CEO of Softbank; Masayoshi Son

Japanese telecommunications firm, Softbank has agreed to buy British tech company ARM Holdings for 32 billion dollars (about 128 billion cedis).

ARM Holdings designs microchips for large mobile phone manufacturers such as Apple and Samsung.

This is the first major deal in the United Kingdom following the vote to exit the European Union last month.The  Leave Campaign have hailed the announcement as a sign of Britain’s continuous attractiveness for businesses around the world.

However, the Remain Camp have dismissed the assertion saying that the Asian firm only decided to purchase the company because it was cheaper to do so because of the weakness of the pound. Britain’s currency has fallen ever since voters decided to the country should leave the EU.

Related: Meet Britain's Ministers Handling Brexit

According to analysts, the deal is 30 percent cheaper for the Japanese compared to what it would have paid for a year ago.

ARM’s chips can be found in most mobile phones, home gadgets and drones. The company’s shares have risen following the announcement. Founded in 1990 and based in Cambridge, ARM’s 3,000 staff is expected to double over the next five years.

According to Softbank’s chief executive Masayoshi Son this deal will make the company a significant player in the internet of things market.

"This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank's growth strategy going forward. We have long admired ARM as a world renowned and highly respected technology company that is by some distance the market leader in its field."

"ARM will be an excellent strategic fit with the Softbank group as we invest to capture the very significant opportunities provided by the internet of things"

Related: Ghanaian businesses to benefit from Vodafone Ghana's new four-in-one global SIM

The concept of internet of things envisions everyday electronic objects such as home appliances connected to the internet and other objects.

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