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.
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.
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