Chip designer Arm Holdings Ltd stated, it has put on hold the proposed transfer of two of its software businesses to its Japan-based parent SoftBank Group Corp.
In July 2020, Arm had said it would transfer two units under its internet-of-things services group to its parent and aimed to complete the transfer by September.
Arm has now now said, it prefers to keep the two units separate, with distinct accounting structures, deferring plans to transfer them to its parent, SoftBank Group Corp.
Arm supplies chips to a wide range of mobile devices.
In 2016, Japan’s SoftBank Group acquired Arm for $32 billion partly to expand into the IoT, “internet of things” market, which connects everyday devices ranging from traffic signals to refrigerators to the internet.
SoftBank declined to comment.