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Sprint Corporation

Sprint owner SoftBank to buy ARM in big post-Brexit deal

Japanese technology company SoftBank Group Corp. is buying Britain's ARM Holdings for 24.3 billion pounds ($32 billion), in a deal the British government hailed as a vote of confidence in the country following last month's vote to leave the European Union.

The recommended cash deal underlines the desire of SoftBank, which also owns struggling U.S. telecommunications company Sprint, to expand in the so-called "Internet of Things" — how home devices from smart-thermostats to security cameras and domestic appliances can connect online and work in sync.

ARM is renowned as an innovator in the "Internet of Things" — its technology is used in the...

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