June 5, 2018 / 7:37 AM / a year ago

CORRECTED-SoftBank's ARM cedes control of Chinese operations to local joint venture

(Deletes erroneous reference to “all-equity deal” in last paragraph. The same error appeared in previous stories.)

TOKYO, June 5 (Reuters) - SoftBank Group Corp said on Tuesday its subsidiary ARM Holdings will cede control of its Chinese operations to a new joint venture with Chinese partners, a move aimed at expanding its business in the country.

Chip designer ARM will sell 51 percent of ARM China for $775 million to unnamed investors in a transaction expected to close this month, SoftBank said in a statement, adding that the deal will lead to more opportunities in the Chinese market.

SoftBank acquired ARM, Britain’s most valuable technology company, for $32 billion in 2016. The Nikkei newspaper reported last month that the joint venture plans an initial public offering on a Chinese exchange (Reporting by Sam Nussey; Editing by Gopakumar Warrier)

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