(Alliance News) - The UK government will launch a last-ditch effort to persuade SoftBank Group Corp to list its Arm unit in London, the Financial Times reported on Thursday.
The government is eyeing meeting with SoftBank executives when the period of mourning following the death Queen Elizabeth II concludes next week, the FT reported, citing people with knowledge of the matter.
New York is leading the race to be the home of the Arm initial public offering. However, a dual listing arrangement could also be picked, allowing Arm shares to be traded in London as well as New York.
Arm, a former London listing, is a designer of processor chips used in most major smartphones, including those of Apple Inc and Samsung Electronics Co, as well as other devices such as laptops.
https://www.ft.com/content/0472054e-669c-4a46-aa6e-424bb810b227
An Arm IPO in London would boost the UK's technology industry credentials and offer a big boost to Prime Minister Liz Truss.
Arm is headquartered in Cambridge, England.
The London market could be on the verge of losing a trio of tech outfits. Aveva Group PLC, Micro Focus International PLC and GB Group PLC are all the object of takeover attention.
Enterprise software firm Micro Focus agreed to a GBP5.1 billion takeover by Canadian software firm Open Text Corp. French industrial group Schneider Electric SE is mulling taking full ownership of Aveva, meanwhile. GB Group, an identity data intelligence firm, has received takeover interest from Chicago-based private equity firm GTCR LLC.
By Eric Cunha; ericcunha@alliancenews.com
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Gb Group (GBG)