The Japanese technology conglomerate said late Sunday that it has reached a deal to sell Arm to Nvidia for a mix of cash and stock, confirming a report Saturday by The Wall Street Journal.
 will pay $21.5 billion in stock and $12 billion in cash.
 may also receive up to $5 billion in cash or stock subject to Arm hitting financial-performance targets.
Nvidia will also issue $1.5 billion in stock to Arm employees.
A union would instantly lift Nvidia, whose stock has been one of the market’s best performers this year, into a dominant force in the market for smartphones and a big supplier of technology for a range of other devices from smart speakers to fitness trackers.
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