SoftBank has today agreed to acquire ARM Holdings, the company behind chips for mobile phones and a growing array of smart, interconnected gadgets.

ARM Holdings has been acquired for $32 billion, making it the first large-scale, cross-border transaction in Britain since it voted to exit the European Union last month.

ARM had a market capitalization of about $22 billion as of Friday’s close, and the proposed acquisition represents a 43 percent premium on the company’s closing share price last week.

ARM currently has a lead on chips for mobile devices with their main competition being traditional chip makers like Intel.

Tokyo based SoftBank also controls the mobile carrier Sprint in the United States, and they invests in technology, media and telecommunications companies.

The acquisition of ARM could provide an additional boost to the company’s mobile strategy.