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."