TOKYO—SoftBank Group Corp. agreed to sell a majority stake in the China operations of U.K. chip designer Arm Holdings to a China-led group of investors, aligning itself with Beijing’s goal of reducing its dependence on Western technology. SoftBank said Tuesday it would cede 51% of the Chinese business for $775 million, while retaining the remainder. The buyers are led by Hopu Investment Management Co., which is backed by sovereign-wealth fund China Investment Corp. and Beijing-owned Silk Road Fund.

Source: Wall Street Journal June 05, 2018 13:16 UTC