The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO 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.
London worked hard to get the listing, with Prime Minister Rishi Sunak and Arm Chief Executive Rene Haas meeting in Downing Street last month, according to reports. SoftBank’s founder Masayoshi Son was said to have joined by video call.
The loss follows a decision by Dublin-based building materials giant CRH on Thursday to move its primary listing from London to the United States.
The London Stock Exchange said Arm’s decision showed Britain needed to speed up plans for reform.
“The…
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