Bankers and PR firms to pocket millions from ARM tech deal
Bankers are to celebrate a bumper £206.7 million payday as a result of British technology firm ARM's takeover by Japan's Softbank.
Documents released on Wednesday reveal that the likes of Goldman Sachs, UBS and Barclays, along with other financial advisers, will share the multimillion-pound fees as part of the £24 billion deal announced last month.
The fees cover advice relating to the structure of the deal. The documents also show that public relations advisers Brunswick, Finsbury and Sard Verbinnen will walk away with up to £6 million.
Total fees and costs associated with the deal, including legal and accounting expenses, stand at £350 million.
Other firms set to share millions from the deal include Softbank advisers Robey Warshaw and French bank Lazard, which is working with ARM.
As part of the deal, SoftBank has pledged to double Cambridge-based ARM's 3,000-strong workforce and to hold on to its existing management team following its swoop.
ARM chairman Stuart Chambers also urged shareholders to recommend the deal as they prepare to vote on the tie-up on August 30.
He said: "Whilst the ARM board believes that ARM holds a strong position in its chosen markets and technologies and that it is firmly on-track in the development of its business, the acquisition represents an attractive premium in cash and secures the delivery of ARM's value potential today.
"The ARM Board believes that the terms of the acquisition are in the best interests of the ARM shareholders."