's SoftBank Group Corp. agreed to acquire -based tech firm ARM Holdings Plc in an all-cashdeal worth over $32 billion, The WallStreet Journal reported July 17, citing a person familiar with the matter.

Theacquisition of ARM, a semiconductor intellectual property supplier withmicrochip designs that can be found in smartphones such as 's iPhone, could helpSoftBank gain access to technology needed for connecting devices such assmartphones, cars and appliances, the source reportedly said.  

The dealcould face strict scrutiny in the U.K., as Theresa May, prior to taking officeas prime minister, reportedly urged caution regarding foreign takeovers of topU.K. companies. The acquisition is expected to be announced July 18 and hasbeen approved by both companies' boards, according to the report.