Japanese conglomerate SoftBank has called off its planned sale of UK microchip designer Arm to US technology group Nvidia.

When the deal was first announced in September 2020 it was valued at around $40bn (£29.6bn).

SoftBank now aims to float Arm’s shares on the stock market by the end of March next year.

The planned sale had faced major regulatory hurdles in the UK, United States and European Union.