IonQ, Inc. (IONQ), a quantum company, Monday announced that it has agreed to acquire SkyWater Technology (SKYT), a pure-play semiconductor foundry, in a cash and stock transaction for $35 per share with a collar, for a total equity value of around $1.8 billion.
SkyWater shareholders will receive $15 in cash and $20 in shares of IonQ common stock, subject to a collar, for each share of SkyWater common stock.
Under the terms of the collar, SkyWater shareholders will receive IonQ stock valued at $20 per SkyWater share, based on the 20-day volume weighted average price of IonQ stock as of three business days before closing, unless such volume-weighted average is greater than $60.13 per share, in which case SkyWater shareholders will receive 0.3326 IonQ shares per SkyWater share, or less than $37.99 per share, in which case SkyWater shareholders will receive 0.5265 IonQ shares per SkyWater share.
As per the company, the purchase price is 38 percent premium to the 30-day volume-weighted average price of SkyWater shares as of market close on January 23.
With this acquisition, the company expects to strengthen its position as the only vertically integrated full-stack quantum platform company, with embedded access to a Trusted U.S. foundry.
It is also hoping that this deal will support IonQ's recently launched IonQ Federal division, supporting the federal and defense sectors with cutting-edge quantum solutions.
Upon close, IonQ will have an end-to-end quantum supply chain in the U.S., from design and prototyping through manufacturing, packaging, deployment, and ongoing service upgrades. This will allow IonQ to securely support multiple important Department of War programs, such as the Microelectronics Commons network to support warfighter applications, and address critical national security vulnerabilities, the company said in a statement.
Further, for its fiscal 2025 Financial Outlook, IonQ expects to deliver full year 2025 revenue results at the high end or above its previously announced range of $106 million to $110 million when it publishes its fourth quarter and full year earnings result the following month.
In pre-market activity, IONQ shares were trading at $47.76, up 0.97% on the New York Stock Exchange and SKYT shares were trading at $33.19, up 5.97% on the Nasdaq.
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