ARM shareholders have voted overwhelmingly to accept SoftBank's 24 billion takeover offer.
Around 95% of them voted overnight to back the acquisition by the Japanese firm, after ARM's board accepted the cash offer last month.
The 17 a share offer represents a premium of more than 40% on the chip designer's closing price and the deal is expected to complete on 5 September.
SoftBank's owner and chief executive Masayoshi Son gained support from the UK government by making legally binding pledges to double the firm's UK workforce over the next five years and keep its HQ in Cambridge.
But former City minister Lord Myners said the deal was an example of the UK "selling out of our winners".
He told BBC Radio 4's Today programme that if ARM was an American, German, or French company, or a Japanese company, it would not be able to be sold within 60 days.
"There would be a question of national significance and public policy to determine whether we should sell," he said.
He added that control of ARM would now pass to a "very heavily-indebted, very unfocused business in Japan which does not have a good record of buying foreign companies and continuing to invest in them".
Richard Holway, chairman of analyst group TechMarketView, said that since the 1980s all takeovers have "practically all been one way".
"Every quoted (and private) UK tech company is vulnerable. All the way from Imagination to Sage to MicroFocus to Aveva etc with everyone in between. The devaluation of the makes UK companies even more attractive. The US tax rules, making it difficult to repatriate overseas profits, also encourages US companies to acquire in the UK," he said.
He added that conversely, the UK's strength as a place to build and scale a tech company means that knowing you will get an exit is "no bad thing" for investors.
"Maybe that is our destiny - as an incubator of tech companies and serial entrepreneurs. There are probably worse fates," he concluded.
-
The IT industry’s shift to circular, low-carbon solutionsMaximize your hardware investment and reach your sustainability goals with HP’s Renew Solutions
-
Lenovo ThinkPad X9 14 Aura Edition reviewReviews This thin and light ultraportable will draw you in with its vibrant screen – but it isn't as powerful as some of its competitors
-
Starmer bets big on AI to unlock public sector savingsNews AI adoption could be a major boon for the UK and save taxpayers billions, according to prime minister Keir Starmer.
-
UK government targets ‘startup’ mindset in AI funding overhaulNews Public sector AI funding will be overhauled in the UK in a bid to simplify processes and push more projects into development.
-
UK government signs up Anthropic to improve public servicesNews The UK government has signed a memorandum of understanding with Anthropic to explore how the company's Claude AI assistant could be used to improve access to public services.
-
US government urged to overhaul outdated technologyNews A review from the US Government Accountability Office (GAO) has found legacy technology and outdated IT systems are negatively impacting efficiency.
-
Government urged to improve tech procurement practicesNews The National Audit Office highlighted wasted money and a lack of progress on major digital transformation programmes
-
Government says new data bill will free up millions of hours of public sector timeNews The UK government is proposing new data laws it says could free up millions of hours of police and NHS time every year and boost the UK economy by £10 billion.
-
Three giant tech challenges the UK’s new government faces right nowOpinion Five years starts now, and there’s not a second to waste
-
G-Cloud 13: UK government 'inhibiting' cloud SMEs' ability to adapt to harsher business landscapeNews Suppliers on the cloud services portal have hit out at an extension to the current iteration of G-Cloud
