SoftBank has agreed to acquire UK semiconductor giant Arm Holdings for £24.3 billion (roughly $32 billion), in a deal that will be announced Monday, according to the Financial Times.
SoftBank is intending to use Arm's semiconductor design expertise -- found in most popular smartphones on the market -- for its Internet of Things division, the report says.
SoftBank, a technology conglomerate in Japan, will pay £17 per share for Arm in a cash deal, a 43 percent premium to its closing price on Friday.
Neither company confirmed the news. The New York Times is also reporting the deal, which would mark the biggest acquisition for a technology company in Europe. The Wall Street Journal says both boards have approved the deal.
The acquisition, if announced on Monday, comes at a turbulent time in European politics following Britain's vote to leave the European Union. The move has put distress on currency markets and caused several Britain-based tech companies to be uncertain about the future.