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ARM founder says Softbank deal is 'sad day' ARM founder says Softbank deal is 'sad day' for UK tech
(about 5 hours later)
The founder of ARM Holdings has told the BBC he believes its imminent sale to Japanese technology giant Softbank is "a sad day for technology in Britain".The founder of ARM Holdings has told the BBC he believes its imminent sale to Japanese technology giant Softbank is "a sad day for technology in Britain".
Hermann Hauser said he was "very sad" at news of the £24bn ($32bn) takeover which was announced on Monday morning.Hermann Hauser said he was "very sad" at news of the £24bn ($32bn) takeover which was announced on Monday morning.
The Cambridge-based firm designs microchips used in most smartphones, including Apple's and Samsung's.The Cambridge-based firm designs microchips used in most smartphones, including Apple's and Samsung's.
ARM, which was founded in 1990, employs more than 3,000 people.ARM, which was founded in 1990, employs more than 3,000 people.
Mr Hauser called ARM Holdings the proudest achievement of his lifetime. Mr Hauser called ARM Holdings his proudest achievement.
'Real strength''Real strength'
The man who helped spin ARM Holdings out from Acorn Computers in 1990 also said the technology firm had sold 15 billion microchips in 2015, which was more than US rival Intel had sold in its entire history. The man who helped spin ARM Holdings out from Acorn Computers in 1990 also said the technology firm had sold 15 billion microchips in 2015, which was more than US rival Intel had sold in its history.
Mr Hauser said ARM gave Britain "real strength". Mr Hauser said ARM gave the UK "real strength".
He said it was a "British company that determined the next generation microprocessor architecture, that is going to be used in all the next generation phones and - more importantly - in the next generation of the internet of things".He said it was a "British company that determined the next generation microprocessor architecture, that is going to be used in all the next generation phones and - more importantly - in the next generation of the internet of things".
ARM microchips used in many technologiesARM microchips used in many technologies
The board of ARM is expected to recommend shareholders accept the Softbank offer - which provides a 43% premium on its closing market value of £16.8bn on Friday. The board of ARM is expected to recommend shareholders accept the Softbank offer - which represents a 43% premium on its closing market value on Friday of £16.8bn.
Shares in the UK technology firm surged by 45% at the open of the London Stock Exchange to 1,742.85p per share, adding £7.56bn to ARM's market value. Shares in the UK technology firm ended the day 41.3% higher at £16.80 in London after rising as high as £17.42p a share, adding almost £7bn to ARM's market value.
Mr Hauser said the result of the Softbank deal meant the "determination of what comes next for technology will not be decided in Britain any more but in Japan". Mr Hauser said the result of the Softbank deal meant the "determination of what comes next for technology will not be decided in Britain any more, but in Japan".
Japanese entrepreneurJapanese entrepreneur
ARM said it would keep its headquarters in Cambridge and that it would at least double the number of its staff over the next five years.ARM said it would keep its headquarters in Cambridge and that it would at least double the number of its staff over the next five years.
Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son.Softbank is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son.
It has previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time.It has previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. The $20bn deal was the biggest foreign acquisition by a Japanese firm at the time.
Softbank intends to preserve the UK tech firm's organisation, including its existing senior management structure and partnership-based business model, ARM said. Softbank intends to preserve the UK tech firm's organisation, including its existing senior management structure and partnership-based business model, ARM said.
Masayoshi Son, chairman and chief executive of Softbank, said: "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." Mr Son, chairman and chief executive of Softbank, said: "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."
Analysis: Rory Cellan-Jones, BBC technology correspondent: Analysis: Rory Cellan-Jones, BBC technology correspondent
It's hard to exaggerate just how important ARM is to the UK tech sector - and the shock many are feeling this morning at the news that it is about to lose its independence.It's hard to exaggerate just how important ARM is to the UK tech sector - and the shock many are feeling this morning at the news that it is about to lose its independence.
Its brilliance was to realise that if chips were about to come with everything, you didn't have to make them - designing them was the key. Its brilliance was to realise that if chips were about to come with everything, you didn't have to make them: designing them was the key.
Five years ago, Cambridge was home to at least three world-beating UK-owned technology firms, ARM, Autonomy and Cambridge Silicon Radio (CSR). Five years ago, Cambridge was home to at least three world-beating UK-owned technology firms: ARM, Autonomy and Cambridge Silicon Radio (CSR).
Then Autonomy was swallowed up by HP in an ill-fated deal, last year the chipmaker Qualcomm bought CSR, and now the biggest and best, ARM, is about to have a Japanese owner. Then Autonomy was swallowed up by HP in an ill-fated deal; last year the chipmaker Qualcomm bought CSR; and now ARM - the biggest and best - is about to have a Japanese owner.
And in Softbank, ARM may well have found a good parent. In Softbank, ARM may well have found a good parent.
The Japanese firm bought France's Aldebaran robotics business and has gone on to give it a global profile.The Japanese firm bought France's Aldebaran robotics business and has gone on to give it a global profile.
But there will still be sadness in Cambridge, and beyond, that Britain's best hope of building a global technology giant now appears to have gone.But there will still be sadness in Cambridge, and beyond, that Britain's best hope of building a global technology giant now appears to have gone.
'Attractive destination''Attractive destination'
Prime Minister Theresa May said the deal between Softbank and ARM Holdings showed the UK economy could be successful after the country voted to leave the European Union. Prime Minister Theresa May said the Softbank deal showed the UK economy could be successful after the country voted to leave the European Union.
A spokeswoman for the prime minister said Mrs May believed the deal was in the country's national interest - a gauge that she will use to assess any future foreign takeovers. A spokeswoman said Mrs May believed the deal was in the country's national interest - a gauge that she will use to assess any future foreign takeovers.
"This is good news for British workers, it's good news for the British economy, it shows that, as the prime minister has been saying, we can make a success of leaving the EU," the spokeswoman added."This is good news for British workers, it's good news for the British economy, it shows that, as the prime minister has been saying, we can make a success of leaving the EU," the spokeswoman added.
Dan Ridsdale, analyst at Edison Investment Research, said "An increase in inbound merger and acquisition activity was one of the obvious consequences of Brexit and weakened sterling, but few expected it to manifest itself so quickly or at so large a scale." Dan Ridsdale, analyst at Edison Investment Research, said: "An increase in inbound merger and acquisition activity was one of the obvious consequences of Brexit and weakened sterling, but few expected it to manifest itself so quickly or at so large a scale."