Fresh doubts over the future of UK-based chip design company Arm emerged after parent SoftBank Group halted a planned IPO following the resignation of several key government ministers who were driving the deal, Financial Times (FT) reported.
The newspaper stated outgoing Prime Minister Boris Johnson had become involved in pressing SoftBank about an IPO, but the company had developed cold feet after the collapse of his government and an ensuing battle to replace him.
Key politicians involved in the talks with SoftBank with portfolios covering investment and digital had also departed, resulting in the Japan-headquartered giant backing away from plans to float Arm in the UK within the next 12 months, FT noted.
A move in the US remains a possibility, the newspaper added, explaining SoftBank had previously considered a dual-listing.
SoftBank turned its attention to an Arm IPO after a deal to sell the business to chip manufacturer Nvidia fell apart.
In a previous article, FT reported the UK government explored whether a national security law passed in 2021 could be used to sway SoftBank in favour of a deal involving the country.