ARM is known as an innovator in the Internet of Things field, with its technology implemented in a majority of smartphones and digital cameras. Its digital technology is also utilized in augmented-reality headsets, biometric sensors, self-driving cars, commercial drones and smart watches.

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United Kingdom leaders and market observers have hailed the deal as a sign of ongoing support for Britain’s economy in a post-Brexit world.

“The transaction represents the first major acquisition following the referendum and whilst the purchase doesn’t constitute a resounding vote of confidence in the post-EU U.K., it does illustrate that the after-effects of the Brexit have not deterred all parties from continuing with business as usual,” David Cheetham, market analyst at XTB, told the AP.

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