NvidiaArm is being acquired by a consortium of companies. SoftBankCompanies Tuesday jointly released that the company’s collapse was due to regulatory issues.

The original announcement was made in 2020.

SoftBank announced that Arm would now be preparing for a public offer within the fiscal year ending on March 31, 2023.

Arm develops technology that powers every smartphone processor. This includes all Apple iPhones as well as Android smartphones running on Qualcomm chips. It has a large client list that includes nearly all major semiconductor companies.

Since the announcement of this deal, there has been much scrutiny. Arm is a British firm that supplies neutral technology to many tech companies. Both Microsoft and Qualcomm use Arm’s primary technology, the instruction set. Microsoft has publicly opposed this deal.

The U.S. Federal Trade Commission was established in December suedBlocking the transaction for antitrust reasons is possible. U.K. competition authorities seized the transaction in antitrust grounds last year. announced a probe into the sale.

Nvidia could be a threat to technology and semiconductor companies by owning Arm. This would make Arm more attractive than the clients it serves.

According to the FTC, the vertical deal proposed by the company would grant one of the most powerful chip makers control over computing technology and designs used by rival companies for developing their own chips.

SoftBank stated that the $1.25 Billion deposit received in connection with the deal was non-refundable. It will be recognized by SoftBank as profit during the fourth quarter fiscal year, ending March 31, 2022.

Arm was an independent organization until 2016, when SoftBank Group acquired it. $32 billion.

Nvidia stated previously that the transaction would close by this year.