Cambridge-based ARM Holdings, one of the UK's biggest technology companies, is set to be bought by a Japanese firm.
ARM, the most valuable tech company listed in London, is subject to a £24bn bid from SoftBank Group Corp.
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.
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