Japanese telco giant SoftBank has acquired ARM, the UK-based designer of mobile processors, for £24bn.

Under the deal, ARM will retain its Cambridge HQ and continue to operate as an independent business, though as a wholly-owned subsidiary of SoftBank Group.

SoftBank has promised considerable investment in the business, with its headcount in the UK set to double in the next five years, while maintaining ARMs unique culture and business model.

“ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the Internet of Things,” said Softbank CEO Masayoshi Son. “This investment also marks our strong commitment to the UK and the competitive advantage provided by the deep pool of science and technology talent in Cambridge”

The acquisition is expected to close during Q3 2016.

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