Magic circle firms Slaughter and May and Freshfields Bruckhaus Deringer are among a group of firms due to pocket £14.5m in fees from the sale of computer chip maker ARM Holdings to Japanese technology company Softbank.

Slaughters and Davis Polk & Wardwell will split £9m in legal fees from the £24bn sale of their client, UK smartphone chip designer ARM.

Meanwhile, Freshfields and Morrison & Foerster – who are acting for Softbank – will share £5.5m in proceeds from the deal.

The accountants involved in the deal will split just under £1m in fees in total, according to details of the deal published today.

The transaction is one of the largest acquisitions of a European business this year. It followed a fall in sterling after the 23 June Brexit referendum, causing UK currency to plunge in value against the Japanese yen, making ARM an attractive acquisition target.

Slaughters is advising ARM with a team in London including senior partner Steve Cooke, corporate partner Chris McGaffin and competition partner Jordan Ellison.

MoFo's team is being jointly led by Ken Siegel, managing partner of the firm's Tokyo office, and Graeme Sloan, head of corporate in London and global chair of the firm's M&A practice.

Freshfields is advising Softbank out of London with a team led by corporate partners Ben Spiers and Stephen Hewes.

Other advisers on the deal include Cleary Gottlieb Steen & Hamilton, which is advising New York merchant bank The Raine Group, one of the financial advisers to SoftBank. Its team is being led by London M&A partner Simon Jay.

In addition, White & Case is advising Japanese investment banking and securities firm Mizuho Securities, another financial adviser to SoftBank. Its team is being led by London M&A partner Philip Broke and Tokyo M&A co-head Jun Usami.