Mourant advises IQM on US$1.8 billion quantum business combination

We recently acted as Cayman Islands legal counsel to IQM Finland Oy (IQM) on a business combination with the special purpose acquisition company, Real Estate Acquisition Corp (Nasdaq: RAAQ).

The transaction values IQM at approximately US$1.8 billion and makes it the first European quantum company to go public. The deal is subject to certain closing conditions.

IQM is a global leader in building quantum computers. The transaction provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing, further strengthening its position in the market.

Headquartered in Finland, IQM is also considering a dual listing that would see the trading of IQM’s ordinary shares on the Helsinki stock exchange, which would be expected to take place following the completion of this transaction.

Leading the team was Partner Andrew Grant, with support from Associate Paris Goode.

This is the latest high-value business combination delivered by our Cayman Corporate team. At the end of last year, they advised Armada Acquisition Corp. II, a publicly listed special purpose acquisition company sponsored by Arrington Capital, on the Cayman Islands law aspects of its US$1 billion business combination with Evernorth Holdings Inc.