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		</div><p>Smartphone chip designer ARM Holdings is to announce that it is being bought by Japan&#8217;s SoftBank for more than £23bn, according to reports.</p>
<p>The board of the Cambridge-based firm, which supplies technology for Apple&#8217;s iPhone, is expected to recommend shareholders accept the offer, the BBC reported.</p>
<p>In April, the company cheered rising profits as it outpaced the market thanks to a strong demand for its products.</p>
<p>The BBC said it understands that telecommunications and internet firm SoftBank will commit to doubling the size of ARM&#8217;s UK workforce over the next five years.</p>
<p>The Wall Street Journal said the deal was expected to be announced this morning.</p>
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