Yahoo Finance Bankers To Pocket Millions From ARM Sale
Bankers involved in the sale of British microchip designer ARM Holdings (LSE: ARM.L - news) are set to enjoy a multi-million pound payday.
According to documents released on Wednesday, total fees for the deal - including accounting and legal costs - are £350m.
The likes of Goldman Sachs (NYSE: GS-PB - news) , UBS (LSE: 0QNR.L - news) and Barclays (LSE: BARC.L - news) , along with other advisers, will share about £206.7m of that.
Public relations firms Brunswick, Finsbury and Sard Verbinnen will walk away with up to £6m, and other firms set to benefit include SoftBank advisers Robey Warshaw and French bank Lazard, which worked with ARM.
The sale of the tech company to Japanese SoftBank was announced last month for £24.3bn.
There were fears the takeover would lead to a "brain drain" if Britain's most valuable tech company was shifted from the UK, but SoftBank promised to double its 3,000-strong workforce in Cambridge and to keep its current management team.
The Japanese firm, led by investor Masayoshi Son, swooped on the Apple (NasdaqGS: AAPL - news) supplier ARM in the three weeks after Britain's vote to leave the European Union, just as the pound fell around 11% against the US dollar and the Japanese yen.
At the time he denied this was a major factor in the timing of the deal, saying: "We did not use this as an opportunity to buy cheaper ... Brexit did not bring us any discount."
