CNN BUSINESS | SoftBank is selling British chipmaker ARM to Nvidia for $40 billion

Hong Kong (CNN Business) Nvidia is buying British chipmaker ARM from SoftBank for as much as $40 billion — a total that would make it the largest semiconductor deal ever.

The agreement, announced Sunday, will be financed through a mix of cash and stock, the companies said in a joint statement.

The move would allow Nvidia (NVDA) — which mainly makes graphics processors for computer games and self-driving cars — to become an industry leader across more connected devices, including smartphones, PCs, robotics and 5G, CEO Jensen Huang wrote in a letter to employees Sunday.  —more