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The British chip designer Arm has started the process of listing its shares on New York’s Nasdaq, in one of the biggest flotations of recent years after the London Stock Exchange lost out, my colleague Jasper Jolly writes.
The company, owned by Japanese investor SoftBank, registered to list its shares late on Monday night, after months of waiting amid tricky conditions for stock market floats.
The listing will return Arm to stock markets after seven years under SoftBank and its leader, Masayoshi Son, who took the chip designer private in 2016 in a £24bn deal. An internal SoftBank transaction this month valued Arm at $64bn (£50bn), according to reports.
Japan’s SoftBank Group Corp Chief Executive Masayoshi Son. Photograph: Kim Kyung-Hoon/Reuters
Arm, based in Cambridge, is one of the UK’s rare big tech champions. Founded in 1990, it has played a key role in the mobile computing revolution, with its designs used for semiconductor chips in Apple’s iPhones and laptops, Samsung’s phones and a host of other devices ranging from electric and driverless cars to drones. Its chip designs have been used in more than 250bn devices.
While the company has remained rooted in the UK, the New York listing comes after a failed effort by the British government, led by Rishi Sunak, to persuade it and other tech companies to list shares in London.
The listing is the second time that SoftBank has tried to cash in on its investment. In 2021, the tech-focused investor agreed a deal to sell Arm to the US chipmaker Nvidia for $40bn. However, that deal fell through last year after UK competition regulators objected.
Read more here:
UK chip designer Arm starts US listing process after snubbing LondonRead more31m ago05.29 EDTMortgage costs continue to fall: Rightmove data
Some (marginally) good news for prospective home buyers.
Rightmove has compared the interest rates and payments for average fixed mortgages. And while some rates are nearly double where they were a year ago, they continue to fall and are lower than they were last week.
The average 5-year fixed mortgage rate is now 5.79%, up from 3.89% a year ago, down from 5.86% last week
The average 2-year fixed mortgage rate is now 6.40%, up from 3.77% a year ago, down from 6.46% last week
The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,204 per month, up from £992 per month a year ago but down from £1,226 last week
Rightmove’s mortgage expert Matt Smith said:
The positive direction for rates continues this week albeit a…
2023-08-22 04:37:52
Link from www.theguardian.com
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