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.
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.
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.