Nvidia swoops to buy British chipmaker Arm, commits to investing in UK AI industry
Nvidia Corporation (NASDAQ:NVDA) has agreed to buy British chipmaker Arm for US$40bn for a mixture of cash and shares from its Japanese owner, SoftBank.
The US chip designer will pay US$2bn at the signing of the deal as part of the US$12bn initial cash element, with US$21.5bn to be paid in stock at the closing of the deal.
SoftBank, which paid US$32bn for Arm in 2016, may be paid another US$5bn in cash or stock based on Arm’s performance, with US$1.5bn to be paid to Arm employees in Nvidia stock.
The Japanese investment group will own close to a 10% stake in Nvidia.
Nvidia said it intends to keep the Arm name for its “strong brand identity” and pledged to expand its base in Cambridge, with Arm’s intellectual property to remain registered in the UK.
It committed to establishing a new “global center of excellence” in artificial intelligence (AI) research at Arm’s Cambridge base.
This, Nvidia said, will include investment in building “a state-of-the-art, Arm-powered AI supercomputer, training facilities for developers and a startup incubator, which will attract world-class research talent and create a platform for innovation and industry partnerships in fields such as healthcare, robotics and self-driving cars”.
“AI is the most powerful technology force of our time and has launched a new wave of computing,” said Jensen Huang, founder and CEO of Nvidia.
“In the years ahead, trillions of computers running AI will create a new internet-of-things that is thousands of times larger than today’s internet-of-people. Our combination will create a company fabulously positioned for the age of AI.
He praised Arm boss Simon Segars and his team for building a company that is “contributing to nearly every technology market in the world”.
“Uniting Nvidia’s AI computing capabilities with the vast ecosystem of Arm’s CPU, we can advance computing from the cloud, smartphones, PCs, self-driving cars and robotics, to edge IoT, and expand AI computing to every corner of the globe.”
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/928946/nvidia-swoops-to-buy-british-chipmaker-arm-commits-to-investing-in-uk-ai-industry-928946.html
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