SoftBank makes no Arm investment proposal to Samsung-report
Reuters
Published Oct 05, 2022 03:32AM ET
SEOUL (Reuters) - SoftBank Group Corp founder and CEO Masayoshi Son discussed on Tuesday a long-term cooperation between chip designer Arm and Samsung Electronics (OTC:SSNLF), but did not propose the South Korean firm to invest in the British company, a local media reported on Wednesday.
The billionaire, who is making his first visit to Seoul in three years, said earlier that he'd like to talk with Samsung (KS:005930) about a "strategic alliance with Arm".
The visit comes amid speculation over the potential formation of an industry consortium to invest in Arm, whose technology powers Apple (NASDAQ:AAPL)'s iPhone and nearly all other smartphones, and ensure its neutrality.
At a meeting held on Tuesday which Arm Chief Executive Rene Haas also attended, Son did not propose that Samsung buy a stake in Arm or make a pre-IPO investment, the JoongAng daily newspaper reported on Wednesday, citing unnamed industry sources.
SoftBank did not immediately reply to a Reuters' request for comment. Samsung declined to comment.
SoftBank acquired Arm in 2016 for $32 billion. A subsequent proposed deal to sell it to Nvidia (NASDAQ:NVDA) aroused industry opposition and foundered on regulatory hurdles, prompting SoftBank to outline plans for a U.S. listing of the Cambridge-based firm.
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Written By: Reuters
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