Brexit and the devaluation of the pound against the yen did not influence the timing of Softbank's $32 billion bid for U.K. semiconductor giant ARM Holdings, the Japanese firm's chief executive said on Monday.
Softbank agreed to acquire ARMfor £17 ($22.52) per share dollar conversion, a 43 percent premium on Friday's closing price, in an all-cash deal.
After Britain voted to leave the European Union on June 23, the value of the pound plummeted, particularly against the yen. This would have made it cheaper for a Japanese firm such as Softbank to buy a British company. But Masayoshi Son, chairman and chief executive of SoftBank, said that while the value of the pound has fallen, ARM's share price has increased.