US quantum computing company IonQ has agreed to buy a UK technology start-up spun out of Oxford university in a $1.1bn all-stock deal as breakthroughs in the sector spark early signs of dealmaking activity. Maryland-based IonQ, which had a market value of nearly $10bn at Friday’s close, is among the companies at the forefront of the field, where technology groups such as IBM and Google parent Alphabet are racing to develop more powerful and easily operable quantum computers. Unlike conventional computers, which solve problems using bits, quantum computers harness quantum bits, or qubits, that can process information at an exponentially faster rate, potentially yielding huge advances in areas such as drug discovery. But higher error rates have proved to be a stumbling block for the nascent sector. IonQ said on Monday that it had struck a $1.07bn all-stock deal to buy Oxford Ionics, under the terms of which the UK start-up’s investors will receive between 7.3 per cent and 11.9 per cent of IonQ’s common stock depending on share price performance in the run-up to the deal closing. The deal is expected to close this year. Oxford Ionics’ investors will also receive $10mn in cash.

Full story : Maryland-based quantum computing company IonQ agrees to acquire Oxford Ionics, which spun out of Oxford University, for $1.07B in stock, set to close in 2025.