The departures of UK investment minister Gerry Grimstone and digital minister Chris Philp after the collapse of the government this month have led SoftBank to pause talks about Arm's IPO in London next year, the FT reported.
Instead, the company will continue to pursue a share offering for the business in New York.
SoftBank founder Masayoshi Son has repeatedly said his primary focus is to take Arm public in the US because of its deep investor base and attractive valuations.
In June, Mr Son said he would also consider a London listing, in part because of political appeal.
Both UK ministers who resigned played leading roles in talks with the Japanese tech investor, the FT reported.
You cannot negotiate if there is no one on the other side to talk with, a source said, adding that the pause had not changed SoftBank’s attitude toward a London Stock Exchange deal.
A listing in Arm’s home market could still happen, but SoftBank remains focused on the US in 2023, sources said.
SoftBank did not immediately return requests for comment.
The Financial Times reported earlier that SoftBank had stopped work on a London IPO.
Arm, which the Japanese company acquired in 2016, is based in Cambridge, England.
It was one of the UK’s most important technology companies before the purchase and still has the majority of its operations there.
Mr Johnson’s administration had lobbied hard to bring at least part of any initial public offering to the UK’s capital market.
Arm sells and licenses technology that is used by semiconductors in everything from smartphones to supercomputers.
The pervasiveness of its products has made its planned IPO a closely watched event in the $550 billion chip industry.
Mr Son has said he plans to sell a portion of Arm before the end of the company’s financial year next March.
The prospect for a return on his $32bn purchase of Arm have dimmed as investors have shied away from chip-related stocks.
The benchmark Philadelphia Stock Exchange Semiconductor Index has lost almost a third of its value in 2022.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
In numbers
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India Test squad
Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill
Sholto Byrnes on Myanmar politics
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
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Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
