UK-based chip designer ARM Holdings confirmed on July 18 that it agreed to a buyout offer worth more than $32 billion from SoftBank Group Corp, marking a significant push for the Japanese telecommunications giant into the mobile internet.

The all-cash deal comes on the heels of SoftBank chief executive Masayoshi Son's decision to take back the reins of the company's investment strategy from his former deputy and designated successor, Nikesh Arora, who resigned in June.