Three UK prime ministers failed to persuade a prominent Cambridge microprocessor inventor to list on the London Stock Exchange (LSE), it has been revealed.
On Thursday night, Japanese-owned Cambridge-based Arm announced it would list on the New York Stock Exchange, bypassing the London market.
SoftBank, a Japanese technology investor, acquired Arm in 2016 for $32bn (£26.7bn) and believes floating on the New York Stock Exchange is the best way to repay its investment.
Arm’s CEO stated it has engaged with the British government and Financial Conduct Authority for “many months”.
Despite urgings by Prime Minister Rishi Sunak, past prime ministers Liz Truss and Boris Johnson, the decision was made not to list in London.
“SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best road forward for the company and its shareholders,” said CEO Rene Haas.
UK headquarters, operations, and “material” intellectual property will remain in the UK.
It is not the only blow to the LSE’s fortunes.
FTSE 100 building materials company, CRH, announced hours earlier that it would shift its principal stock exchange listing from London to New York.
Also Flutter, a gambling powerhouse, is consulting shareholders about a New York Stock Exchange listing, turning its back on the London market.
At Thursday’s results meeting, the owner of Paddy Power and Betfair said it formed a preliminary conclusion “that a further US listing of Flutter’s ordinary shares will offer a variety of long-term strategic and capital market benefits.”