SoftBank is nearing a deal to acquire ARM Holdings, the British semiconductor company, said two people briefed on the matter who asked not to be named discussing private information.

The deal would be the first large-scale, cross-border transaction in Britain since it voted to exit the European Union last month. ARM had been seen as a safe haven from the volatility surrounding “Brexit” because its chip technology is used in mobile phones all over the world, with limited revenue derived from Britain.

ARM, which designs chips and parts of chips, had a market capitalization of about $22 billion as of Friday’s close. ARM would be one of SoftBank’s largest acquisitions ever.

ARM had been a leader in chips for mobile devices in the early years, while other semiconductor companies were focused on desktops. The switch to mobile has been difficult for ARM’s competitors, particularly Intel, placing ARM in a prime position to dominate the market for chips used in cellphones and tablets.