SoftBank Group Corp has decided to purchase United Kingdom-based chip designer ARM Holdings PLC for £ 24.3 billion, reported Reuters. According to the cash deal announced on Monday, the Japanese telecommunications and internet corporation will pay £ 17 for every share of the tech company.

By 08.20 GMT, ARM's shares went up to £ 16.99, a 43% hike. SoftBank founder Masayoshi Son said, "This is one of the most important acquisitions we have ever made, and I expect ARM to be a key pillar of SoftBank's growth strategy going forward." Samsung, Huawei and Apple use processors and graphic technology made by ARM in their in-house microchips. It is considered one of the market leaders in chip technology that is used widely in smartphones and tablets.