SoftBank Group has temporarily paused talks about listing shares of its chips division, Arm, in London because of turmoil in the U.K. government, while it continues to pursue an initial public offering for the business in New York, according to people familiar with the matter.
SoftBank founder Masayoshi Son has repeatedly said his primary focus is to take Arm public in the U.S. because of its deep investor base and attractive valuations. In June, Son said he would also consider a London listing, in part because of political appeals.
The resignation of outgoing U.K. Prime Minister Boris Johnson, which was preceded by the walkout of many leading officials in his administration, has put those talks on hold for now, however, said the people, asking not to be named because the discussions are private. Investment minister Gerry Grimstone, who played a leading role in talks with SoftBank, is one of the officials who resigned.