Japanese giant SoftBank set to offload ARM for $40bn in deal that could threaten British jobs

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Britain's biggest technology company is poised to be sold to a US rival in a highly controversial $40billion takeover.

Cambridge-based chip designer ARM Holdings is close to signing a deal with US firm Nvidia, just four years after it was bought by Japan's SoftBank for $32billion, the Wall Street Journal reported last night.

A deal to offload ARM - seen as the jewel in the crown of British technology - would be highly controversial.

Business potential: ARM is seen as the jewel in the crown of British technology

Business potential: ARM is seen as the jewel in the crown of British technology

Last week, Shadow Business Secretary Ed Miliband called on the Government to intervene in the takeover, warning of the 'potential consequences of this takeover, including the possible implications for where the company is headquartered and the thousands of jobs in Britain that depend on it'.

One of ARM's founders, Hermann Hauser, said a takeover by Nvidia would be 'disastrous'.

ARM's technology is used to power smart phone, but also connected devices - which in future will include driverless cars.

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