(Reuters) – Chip company Arm Holdings Ltd said on Monday it has put the brakes on the proposed transfer of two of its software businesses to its Japan-based parent SoftBank Group Corp.
In July, Arm said it would transfer two units under its internet-of-things services group to Softbank and that it was aiming to complete the transfer by September.
Arm, which supplies chips for virtually all mobile devices, said on Monday it has opted to keep the two units with separate accounting structures.
SoftBank, a telecommunications carrier, acquired Arm for $32 billion in 2016, its largest-ever purchase, in part to expand into the “internet of things” sector, which connects everyday devices from traffic signals to refrigerators to the internet.
SoftBank declined to comment.
(Reporting by Neha Malara in Bengaluru and Stephen Nellis in San Francisco; Editing by Shounak Dasgupta)