U.K. Prime Minister Boris Johnson is giving a final push to convince SoftBank-backed chip maker Arm Ltd to list in London instead of New York, according to a Financial Times report.
What Happened: To persuade Arm's Japanese owner, Johnson has written to the company to rethink its preference for listing in New York — which is a hub for big tech giants like Meta Platforms Inc (NASDAQ:FB) and Apple Inc (NASDAQ:AAPL).
The report added that U.K. ministers alongside executives from the London Stock Exchange (LSE) are trying to persuade the Japanese conglomerate amid growing concerns over lasting damage if Britain's best-known tech company chooses New York for its public offering.
Meanwhile, a U.K. government spokesperson told Reuters by email that "Following last year's record number of tech IPOs in London, we continue to work hard to support and encourage all firms to list here. We hope Arm will continue to build its business here, drawing on the U.K.'s unrivaled mix of skills and capital."
This came after SoftBank shelved the sale of Arm to U.S. chipmaker Nvidia Corp (NASDAQ:NVDA) in a deal valued at up to $80 billion, citing regulatory hurdles.
SoftBank chief Masayoshi Son in February also described New York's Nasdaq exchange as "the most suitable" as it is "at the center of global high-tech."
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