Japan’s SoftBank drops sale of Arm, plans IPO

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese technology investor SoftBank says its planned sale of the British semiconductor and software design company Arm to U.S. chip maker Nvidia has fallen through. SoftBank plans an initial public offering of Arm after the intended sale to Nvidia failed due to regulatory problems. Nvidia confirmed the deal had been called off but said it would still partner closely with Arm. SoftBank said the IPO would come sometime in the fiscal year ending in March 2023. Rene Haas, a semiconductor industry veteran, was tapped as Arm’s new chief executive, replacing Simon Segars. SoftBank said Tuesday that its profit tumbled 98% in the quarter through December, as the value of its sprawling investments declined.