SoftBank Aims For Arm IPO After Nvidia Dumps Takeover Plans

SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) aims for an initial public offering for Arm Ltd. Nvidia Corp's (NASDAQ:NVDA) just abandoned the proposed acquisition of the chip designer amid fierce opposition from regulators and customers.
SoftBank will keep a $1.25 billion breakup fee with the deal's termination.
Related Content: Nvidia Quietly Looks To Dump Its Arm Ambitions
SoftBank looks for an IPO in the fiscal year ending in March 2023.
Arm CEO Simon Segars resigned, and President Rene Haas will take over Bloomberg reports.
Nvidia had announced the proposed acquisition of Arm in September 2020, aiming to take control of chip technology from phones to factory equipment.
However, the $40 billion deal faced opposition from the start. Arm's customers scorned the idea, and regulators vowed to give it scrutiny.
Price Action: SFTBY shares traded higher by 3.24% at $23.23 in the premarket session on the last check Tuesday.