Arm, the chip designer owned by SoftBank, said on Friday it would pursue a U.S.-only listing this year, dashing the British government's hopes that the tech giant would return to the London stock market.
The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent initial public offering there in due course, without providing further details.
But the decision is a blow to London, where Arm was listed for 18 years until it was bought by SoftBank in 2016 in a $32 billion deal that received the minimum level of scrutiny by the government, leading to criticism that it had allowed Britain's biggest tech success to be bought by foreign investors.