SoftBank Proposes Long-Term Collaboration With Samsung During Seoul Visit: Report

SoftBank Proposes Long-Term Collaboration With Samsung During Seoul Visit: Report
  • SoftBank Group Corp SFTBF SFTBY founder and CEO Masayoshi Son discussed long-term cooperation between chip designer Arm Ltd and Samsung Electronics Co, Ltd SSNLF.
  • However, he did not propose that Samsung invest in the British company, Reuters reports citing local media.
  • Son, who made his first visit to Seoul in three years, planned to talk with Samsung about a strategic alliance with Arm.
  • Son did not propose that Samsung buy a stake in Arm or make a pre-IPO investment during the October 4 meeting.
  • The visit comes amid speculation over the potential formation of an industry consortium to invest in Arm, whose technology powers Apple Inc's AAPL iPhone and nearly all other smartphones, and ensure its neutrality.
  • SoftBank executives explored the possibility of a rare dual listing in the U.K. and the U.S.
  • Still, the U.S. was their primary attraction due to its much higher valuations. London has faced flak for its unattractiveness to fast-growing companies.
  • SoftBank started laying off employees at its loss-making Vision Fund and will likely cut at least 30% of its staff, likely to affect 150 employees.
  • SoftBank acquired Arm in 2016 for $32 billion.
  • Price Action: SFTBF shares traded higher by 5.10% at $36.27 on the last check Wednesday.

Posted In: BriefsNewsManagementTechMedia