(Reuters) - SoftbankGroup <9984.T> subsidiary Arm Holdingswill cede control of its Chinese operations to a new joint venture involving itself and Chinese partners, Nikkei reported, citing people familiar with the matter.
The joint venture started operations in April and plans an initial public offering on one of the country's stock exchanges, The Nikkeireported.
The new unit called ARM mini Chinais officially registered in the Chinese city of Shenzhenand is 51 percent owned by Chinese investors, including state-backed entities, with the British chipmaker controlling the remaining 49 per cent, the report said. https://s.nikkei.com/2jnQqr1
The IPO plan is likely to receive fast-track approval from regulators, Nikkei reported, citing sources.
Softbankand Arm Holdingswere not immediately available for comment.
Softbankacquired ARM, Britain's most valuable Technologycompany, for $32 billion in 2016 in an all-equity deal.
(Reporting by Mekhla Rainain Bengaluru; editing by Richard Pullin)
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