Japan’s SoftBank Group Corp. raised a few eyebrows last July when it announced it was acquiring British chip designer ARM Holdings Plc for $31.4 billion, the biggest-ever acquisition of a European tech firm. Now, less than two months later, that deal has been done and dusted.

SoftBank revealed that it received all of the necessary regulatory clearance just days ago, and the two firms wasted no time in finalizing the transaction.

The deal, which is SoftBank’s largest acquisition since it snapped up wireless carrier Sprint Corp. back in 2013, is believed to be aimed at helping the Japanese multinational acquire a stake in the burgeoning Internet of Things (IoT) market. ARM will be de-listed from the London Stock Exchange later today, TechCrunch reported.

Many observers noted that SoftBank’s timing was particularly astute, with the deal being announced in the wake of Britain’s Brexit referendum, which caused the pound sterling to tumble to its lowest value in 30 years.

In the wake of the initial announcement, SoftBank CEO and Founder Masayoshi Son insisted that Brexit didn’t mean the acquisition was a bad investment.

“I’m not investing in a distressed asset,” Son said. “I’m investing in a paradigm shift … that’s my passion, and that’s my view.”

ARM is probably the UK’s biggest tech success story, with the company’s growth exploding in tandem with the rise in smartphone adoption. The company has beat out more established players like Intel to become the number one chipmaker for smartphones, with its designs used by major brands like Apple, Samsung and others.

The smartphone business is still thriving and alone, represents a smart investment for SoftBank. But even more important is ARM’s ongoing IoT efforts – the IoT is seen as a potentially much bigger growth area, and ARM has spent the last few years focusing on building chips to power next-generation sensors and “things” like drones, cars, fridges, watches and anything else that could potentially benefit from an infusion of web-connected smarts.

There’s already a substantial number of connected things out there in the big wide world, what with smart thermostats, locks and lights becoming must-haves among many a consumer, but most analysts agree that the IoT will explode in the next five to ten years. SoftBank wants to get into the game early, and with ARM in its arsenal it’s better positioned than most to do exactly that.

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