SoftBank confirms creation of 1,700 UK jobs as part of £24bn Arm takeover

 
William Turvill
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SoftBank agreed a £24bn takeover deal for Arm in July (Source: Getty)

Japan’s SoftBank will create more than 1,700 UK jobs at Cambridge-based electronic chip maker Arm following its £24bn takeover of the company.

Under the terms of the deal, SoftBank will at least double the UK headcount of Arm within five years.

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The Japanese lender will also, under the binding post-offer undertakings of the deal, retain Cambridge as Arm’s global headquarters and increase the number of non-UK Arm employees in this period.

As part of this process, the companies today published employee number details as at 5 September.

The London Stock Exchange announcement revealed there were 4,401 Arm employees on this date, including 1,749 in the UK.

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Some 76.7 per cent of these were considered technical employees, and SoftBank has pledged to retain this relative proportion over the five years.

The non-UK employee count was 2,652.

This is believed to be the first time post-offer undertakings, as defined in the UK Takeover Code, have been used in the takeover of a British company.

Accountancy firm Grant Thornton will supervise the process to ensure the conditions are met.

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