Japan’s SoftBank is set to sell a roughly $8bn stake in Arm, the chip designer it bought only six months ago, placing 25 per cent of Britain’s largest technology company into a new, Saudi-backed $100bn investment fund.
The decision was made as the SoftBank-led fund tries to hit its fundraising goals and secure the backing of Mubadala, the Abu Dhabi state-backed investment group, which wanted the fund to own a portion of Arm, said two people close to the situation.
The two sides are closing in on an agreement that would see Mubadala commit $15bn to the fund, these people said, and help the Japanese company get closer to its stated $100bn target for the SoftBank Vision Fund.
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