SoftBank woos Amazon backing ahead of New York float just a day after posting a loss

SoftBank woos Amazon backing ahead of New York float just a day after posting a loss

By Daily Mail City & Finance Reporter

Published: | Updated:

SoftBank is in talks with Amazon to become a lead investor in Arm’s blockbuster listing in New York next month – just a day after the chip maker posted a loss.

The Japanese conglomerate, which snapped up the Cambridge firm in 2016, has been ramping up efforts to secure investment for its upcoming £55billion initial public offering on the Nasdaq.

Online retail giant Amazon is reportedly eyeing an anchor investment which would provide key backing for the float. 

Talks: Softbank, which snapped up chip maker Arm in 2016, has been ramping up efforts to secure investment for its upcoming £55bn initial public offering on the Nasdaq

Talks: Softbank, which snapped up chip maker Arm in 2016, has been ramping up efforts to secure investment for its upcoming £55bn initial public offering on the Nasdaq

Apple and Google are also said to be interested. Arm products feature in about 90 per cent of the world’s smartphones.

But SoftBank this week posted a £52million loss in the three months to June, with revenues down 11 per cent year-on-year to £480million.

The figures were a blow to boss Masayoshi Son, who is trying to rally investors in the US to back the float after SoftBank chose the US ahead of the UK, as the ‘best path forward’ – a serious blow to London. Amazon and SoftBank declined to comment.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Read original article here

Denial of responsibility! Yours Bulletin is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@yoursbulletin.com. The content will be deleted within 24 hours.

Leave a Comment