The government is under pressure to intervene in the $40bn (£31bn) takeover of the UK’s biggest tech company, Arm Holdings, after Labour, trade unions and the company’s co-founder voiced concerns about the deal.
The US software firm Nvidia said on Monday it had agreed to buy Cambridge-based Arm, a global leader in designing chips for smartphones, computers and tablets, from Japan’s SoftBank.
If the deal goes ahead SoftBank, a technology investment firm, stands to make an $8bn profit just four years after buying Arm for $32bn in a transaction that was cheaper thanks to the fall in value of sterling after the 2016 Brexit vote.
But the Labour party, the science and technology workers’ union Prospect and Arm co-founder Hermann Hauser have called on the government to deploy its powers to block foreign takeovers, or attach conditions to them.
Asked how a sale would fit in to plans by Boris