ARM shares rally 43% as firm announces first major post-Brexit M&A deal

To be bought by Japan's SoftBank Group

UK chip designer ARM Holdings has seen its share price rise 43% after the firm confirmed it is to be purchased by SoftBank Group for £24.3bn in the first major UK M&A deal since last month's vote to leave the EU.

ARM's shares stood at £16.96 following the announcement of the planned cash deal by both sides earlier today. ARM is the largest London-listed tech company by market value, with its processor and graphics technology used by Samsung, Huawei, and Apple in their in-house microchips. The deal is Japanese multi-national telecommunications company SoftBank's largest to date and its first in the semiconductor industry. Jeremy Lang, founder and partner at Ardevora Asset Management, holds ARM across the company's UK and global equity portfolios. He said: "ARM is an intriguing stock becau...