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Empire of the Son: SoftBank bets on IoT with ARM deal

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SoftBank Group Chairman Masayoshi Son speaks at a new conference in London on July 18.   © Reuters

TOKYO When Japanese telecommunications giant SoftBank Group announced the resignation of president Nikesh Arora in June after a dispute over succession, company chairman Masayoshi Son had this to say: "I want to work on a few more crazy ideas." One month on, his crazy idea has taken the form of the hasty $31 billion acquisition of U.K. chip designer ARM.

"The next big paradigm shift is coming in IoT [internet of things]. I believe IoT will be such a big opportunity for all mankind and all the products in the world," Son said, explaining the reason for the deal at a London press conference. "This is the beginning of the paradigm shift and we are going to invest, believing in the future."

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