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Softbank's bid for Arm now a done deal

Japanese telecommunications giant's $32 billion acquisition of mobile chip designer ARM is complete.

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Softbank's bid to buy chip designer ARM Holdings is a done deal. The Japanese telecom giant on Monday said the $32 billion (£24 billion) acquisition is complete.

The purchase was first announced in July and is part of Softbank's push to expand its presence in the burgeoning internet of things, or IoT, market.

"ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the 'Internet of Things,'" said SoftBank CEO Masayoshi Son in July.