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San Francisco/Tokyo — Nvidia agreed to buy SoftBank’s chip division Arm for $40bn, taking control of some of the most widely used electronics technology in the semiconductor industry’s largest-ever deal.

Nvidia will pay $21.5bn in stock and $12bn in cash for the UK-based chip designer, including a $2bn payment at signing. SoftBank may receive an additional $5bn in cash or stock if Arm’s performance meets certain targets, the companies said on Sunday in a statement. An additional $1.5bn will be paid to Arm employees in Nvidia stock...

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