SoftBank boss Masayoshi Son is set to sign a formal agreement with the Nasdaq stock exchange regarding the listing of Arm, in the first official step towards the Cambridge semiconductor designer’s New York IPO.
As reported by the Financial Times, SoftBank reached an agreement with the stock exchange earlier this week and is expected to officially sign off on the deal soon.
The Japanese conglomerate first announced its intentions to publicly list Arm in New York in March in a blow to the UK’s public markets and tech sector.
UKTN has reached out to SoftBank and Arm for comment.
The destination of Arm’s IPO was the subject of heated debate for months. The chip company was listed in London prior to its 2016 acquisition by SoftBank, and the decision to go to the States was seen as a snub to the firm’s home market.
The last three prime ministers in a row all attempted to hold some form of discussions with Arm and SoftBank, expressing confidence that a deal to list in London could be agreed.
The UK’s Financial Conduct Authority (FCA) faced some criticism for the London snub, as Arm cited the regulator’s listing requirements as part of the reason it chose the US.
The FCA’s Nikhil Rathi defended the watchdog’s role in the situation. He said the reasons for Arm and SoftBank picking New York were beyond the regulatory requirements for the UK public markets.
SoftBank has not completely ruled out a dual listing in the UK and US in the future.
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