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    9984   JP3436100006

SOFTBANK GROUP CORP.

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Delayed Japan Exchange  -  05/20 02:00:00 am EDT
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Nvidia preparing to walk away from Arm acquisition - Bloomberg News

01/25/2022 | 12:53pm EDT
FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara

(Reuters) - Nvidia Corp is preparing to abandon its purchase of Arm Ltd from SoftBank Group Corp after offering about $40 billion for the British company in 2020, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The U.S. chipmaker has told partners that it does not expect the deal to close, the report said, adding that SoftBank is stepping up preparations for an initial public offering (IPO) of Arm.

Nvidia shares dropped 4.8%, leading losses among chipmakers in a broadly weaker market.

An Nvidia spokesperson said the company continues to believe the acquisition "provides an opportunity to accelerate Arm and boost competition and innovation." Arm and SoftBank did not respond to Reuters requests for comment.

The deal has faced several regulatory hurdles, with the U.S. Federal Trade Commission suing to block it in December. The buyout is also under the scrutiny of British and EU regulators amid concerns that it could push up prices and reduce choice and innovation.

Earlier in the day, a European Commission filing showed that EU antitrust regulators have resumed their investigation of the deal and set a new deadline of May 25 for their decision.

Jonathan Kanter, the new head of the U.S. Justice Department Antitrust Division, has said he would seek to stop mergers that pose anticompetitive concerns rather than striking deals for concessions that would allow the transaction to close.

Arm's CEO said in July last year the company had contemplated an IPO but that would hurt its ability to expand and invest.

"I do think it is safe to say that Nvidia would likely have invested more (possibly much more) than hypothetical public investors in Arm might be willing to stand," said Bernstein analyst Stacy Rasgon.

(Reporting by Chavi Mehta and Akash Sriram in Bengaluru; Additional reporting by Supantha Mukherjee in Stockholm; Editing by Aditya Soni)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.35% 2207.68 Delayed Quote.-23.80%
NVIDIA CORPORATION 1.10% 171.24 Delayed Quote.-41.78%
SOFTBANK GROUP CORP. 3.50% 5232 Delayed Quote.-6.97%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 171 B 48 458 M 48 458 M
Net income 2022 728 B 5 714 M 5 714 M
Net Debt 2022 16 223 B 127 B 127 B
P/E ratio 2022 11,7x
Yield 2022 0,87%
Capitalization 8 243 B 64 730 M 64 730 M
EV / Sales 2022 3,96x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 69,3%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 5 055,00 JPY
Average target price 7 896,47 JPY
Spread / Average Target 56,2%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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