SoftBank has stopped working on a London initial public offering for chip designer Arm because of political upheaval in the British government, the Financial Times reported.
U.K. Prime Minister Boris Johnson resigned as leader of the Conservative Party earlier this month, and ministers who the FT said had important roles in discussions with SoftBank have also stepped down.
That has led to SoftBank putting talks on hold, the report said, citing people briefed on the matter.
SoftBank founder Masayoshi Son previously said Arm was most likely to list on the Nasdaq in the U.S., but warned the decision was not final.
The FT reported SoftBank was considering a dual primary listing in New York and London.
The Japanese technology investor acquired Arm in 2016, and decided to take the company public after its deal to sell Arm to Nvidia was blocked.
SoftBank’s shares in Tokyo rose 1% on Tuesday.
When contacted by CNBC, SoftBank and Arm both said they had no comment.
Read the full report in the Financial Times.
