The chancellor of the Duchy of Lancaster has cleared IonQ’s acquisition of British quantum computer hardware manufacturer Oxford Ionics Ltd, approving the deal subject to conditions designed to mitigate national security risks.
In a final order published Thursday, the chancellor required the parties to:
- Host current and future generations of Oxford Ionics’ trapped-ion quantum computing hardware in the United Kingdom to allow for independent assessment and validation as part of government programs or contracts.
- Maintain Oxford Ionics’ science, engineering and infrastructure functions in the country, including suitably qualified personnel, assets and manufacturing capacity.
The chancellor said the measures were necessary and proportionate to safeguard national security, given Oxford Ionics’ role in advancing cutting-edge quantum technologies.
Quantum Computing Innovation
IonQ and Oxford Ionics first announced the $1.075 billion transaction in June, consisting of $1.065 billion in IonQ common stock and about $10 million in cash.
IonQ CEO Niccolo de Masi said at the time that the acquisition reflects the company’s commitment to driving innovation in quantum computing. “We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications,” he noted.
The deal follows IonQ’s earlier moves to expand its portfolio, including the acquisition of Lightsynq Technologies and a pending purchase of Capella Space to support plans for a quantum internet.