SoftBank Group, the owner of British chip design company Arm, will cede control of Arm's Chinese operations and the unit will be run as a joint venture with Chinese partners.
Cambridge-headquartered Arm said that it would sell 51pc of its Chinese business, Arm China, for $775.2m (£580.3m). The transaction is expected at end of June.
SoftBank said that will sell off Arm's Chinese division in order to expand further into China through its new joint venture. It said that it saw the Chinese market as "valuable and distinctive from the rest of the world".
The creation of the joint venture will mean that companies in China looking to license Arm’s chip designs will no longer need to seek approval from...