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Mourant, an international professional services firm, has 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 for Mourant was Partner Andrew Grant, with support from Associate Paris Goode.
Andrew commented: “This transaction highlights our continued momentum acting as Cayman Islands counsel on significant business combinations and reinforces our expertise in advising on complex, high value mandates.”
This is the latest high-value business combination delivered by Mourant’s 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.
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About Mourant
Mourant is an international professional services firm with over 60 years’ experience in the financial services sector.
We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
We are an international and globally-integrated firm with offices in a number of the world’s leading international finance centres, including London, Singapore and Hong Kong. Our business is intrinsically linked to the global economy and the capital flows that support it. We serve the needs of our clients in all major time zones, facilitating responsible cross-border finance and investment, the pooling and protection of capital and the resolution of disputes.
Our clients include many of the world’s leading financial institutions, international corporations, asset managers and institutional investors. We are routinely instructed to work alongside the world’s pre-eminent legal, accounting and financial services firms.
We have an outstanding reputation for integrity and professional ethics, underpinned by a strong risk management culture.
Find out more: mourant.com