£24bn takeover of ARM Holdings

A Cambridge based technology firm is likely to be sold to a Japanese company for 24 billion pounds.

ARM Holdings make microchips for various smartphones including those made by Apple and Samsung. SoftBank, who want to take it over, say it'll double the number of staff.

The Prime Minister has welcomed the investment but the local MP is more cautious.

Click below to watch a report by ITV News Anglia's David Wood.

The founder of ARM Holdings says the takeover of the Cambridge company by a Japanese firm is a 'sad day for technology in Britain'.

Hermann Hauser says the creation of ARM Holdings has been the 'proudest moment' in his life.

The company makes chips for smartphone brands such as Apple and Samsung and employs 3,000 people in Cambridge at the Science Park.

Japanese internet giant SoftBank has said it will double the number of staff in the UK. While the Chancellor of the Exchequer Philip Hammond has welcomed the sale, calling it a 'vote of confidence' in Britain.

But the MP for Cambridge Daniel Zeichner is not convinced, raising concerns about what happens in the long term.

Watch a short clip with Hermann Hauser.

A technology company based in Cambridge is being bought by a Japanese firm for more than 23 billion pounds.

ARM Holdings, which makes chips for smartphone brands including Apple and Samsung, employs around 1,200 people in the city.

Its new owners, the Japanese internet giant SoftBank has said it will double the number of UK staff.

The Chancellor of the Exchequer, Philip Hammond, welcomed the sale calling it a "vote of confidence" in Britain.

However, the MP of Cambridge Daniel Zeichner isn't convinced.

The £24bn takeover of Cambridge technology company ARM Holdings could see its UK workforce doubled. It employs more than 3,000 people in Cambridgeshire.

The British company is a major presence in mobile procession, with its processor and graphics technology used by Samsung, Huawei and Apple in their in-house designed microchips.

The deal has been welcomed by the new Chancellor of the Exchequer Philip Hammond who said it shows that Britain had lost "lost none of its allure to international investors" following Brexit.