Mourant has acted as Cayman Islands legal counsel to IQM Finland Oy in its planned business combination with special purpose acquisition company Real Estate Acquisition Corp. The transaction that values the quantum computing firm at about $1.8 billion, the firm said.
The deal, which remains subject to closing conditions, would result in IQM becoming the first European quantum computing company to be publicly listed, according to Mourant.
IQM, headquartered in Finland, develops quantum computers and is seeking to expand its technology and commercial capabilities, including work toward fault-tolerant quantum systems. The transaction is expected to provide funding to support those efforts.
As part of its post-listing plans, IQM is considering a dual listing that would allow its ordinary shares to also trade on the Helsinki Stock Exchange following completion of the business combination, the firm said.
Mourant partner Andrew Grant led the Cayman Islands legal team, supported by associate Paris Goode. Grant said the transaction reflects continued demand for Cayman Islands expertise in complex cross-border business combinations.
The firm noted that the deal follows other recent mandates for its Cayman corporate team, including advising Armada Acquisition Corp. II on the Cayman law aspects of a $1 billion business combination with Evernorth Holdings Inc.
