Softbank Group Corp. said Tuesday it plans an initial public offering for Arm Ltd. after Nvidia Corp. abandoned a proposed acquisition of the chip designer in the face of fierce opposition from regulators and customers.
The Japanese company is aiming for an IPO in the fiscal year ending in March 2023. Arm Chief Executive Officer Simon Segars resigned, and President Rene Haas will take over the role, people familiar with the matter said earlier.
The two sides agreed to terminate the deal because of "significant regulatory challenges preventing the consummation of the transaction, despite good faith efforts by the parties,” Softbank said in a statement.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.