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SoftBank Group Corp. expects to retain a controlling stake in Arm Ltd. after the planned initial public offering of the chip business, selling a smaller portion than originally expected, according to people familiar with the matter.

SoftBank opted for an IPO of Arm, which it acquired in 2016, after a plan to sell the business to Nvidia Corp. collapsed earlier this year. SoftBank has decided that selling a smaller portion of Arm now, given the current slump in chip stocks, provides the opportunity to get a higher valuation for the remainder later, according to one of the people, who asked not to be identified because the plan isn’t yet public.

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