Paul Weiss and Hogan Lovells steer $1bn UK quantum computing startup deal

In a major move in the quantum computing sector, US-based IonQ is buying Oxford Ionics in an all-share deal that values the UK-based startup at $1.08 billion.

Founded in 2019 and spun out of Oxford University, Oxford Ionics specialises in high-speed quantum technology. The company’s physicist founders, Chris Ballance and Tom Harty, who both hold world records for quantum breakthroughs, will remain with IonQ following the acquisition, together with some 80 other employees.

IonQ is a key player in the quantum computing and networking industries. It is headquartered in Maryland and listed in New York with a market value of $9.7 billion.

Advising

Paul Weiss is advising IonQ, with a transatlantic team that includes partners Chelsea N. Darnell, Robert A. Kindler, Dan Schuster-Woldan and Ben Wilkinson.

The deal is another big tech mandate for Paul Weiss. The firm is also advising Qualcomm on its acquisition of UK chip designer Alphawave.

Hogan Lovells is advising Oxford Ionics, with a team led by global head of M&A Bill Curtin, and M&A partners Peter Cohen-Millstein and Simon Grimshaw, along with competition partners Logan Breed and Angus Coulter, and IP and technology partner Audrey Reed.