04:57 AM EDT, 06/09/2025 (MT Newswires) -- IonQ ( IONQ ) has agreed to acquire Oxford Ionics in a stock and cash transaction valued at $1.08 billion, the companies said Monday.

The transaction value consists of about $1.07 billion in IonQ ( IONQ ) shares and $10 million in cash, the companies said.

IonQ ( IONQ ) expects to issue between 21.1 million shares and 35.2 million shares, equal to between roughly 7% and 11.5% of outstanding shares after the issuance.

The transaction is expected to close in 2025, the companies said.

"Oxford Ionics holds the current world records for fidelity, which measures the accuracy of quantum operations," according to the joint statement. "The combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026 and advance to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027," they said.