SoftBank today announced plans to buy ARM Holdings for $32 billion. SoftBank runs one of Japan's largest wireless networks and is the parent company of Sprint in the U.S., while ARM designs and licenses the Cortex-branded mobile processors often found in today's smartphones and tablets. SoftBank's board of directors has fully approved the acquisition, which will be made in all cash. ARM's board and shareholders have yet to approve the deal. SoftBank believes its existing business relationships around the world will expand ARM's ability to license its technology in new markets. SoftBank said it will help ARM to continue to innovate in order to push into new categories, such as the Internet of Things, by increasing investment in ARM's research and development. The company believes SoftBank and ARM share a common culture and long-term vision, and can together create a strong combined entity moving forward. SoftBank said it is committed to ARM's U.K. operations, where it will double the number of employees over the next five years. "ARM will be an excellent strategic fit within the SoftBank group as we invest to capture the very significant opportunities provided by the Internet of Things," said SoftBank CEO Masayoshi Son. The deal is expected to close by the end of the third quarter.