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6/8/2021, 3:29 PM (Source: TeleTrader)
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Honeywell Quantum Solutions merging with CQC

Honeywell International Inc.'s subsidiary Quantum Solutions and Cambridge Quantum Computing (CQC) announced on Tuesday they will merge to form the world's largest standalone quantum computing company.

After the closure of the transaction, which is expected in the third quarter of 2021, Honeywell will remain the majority stake owner. The United States-based conglomerate said it will invest between $270 million and $300 million in the new company and participate in the manufacturing of quantum hardware.

"Since we first announced Honeywell's quantum business in 2018, we have heard from many investors who have been eager to invest directly in our leading technologies at the forefront of this exciting and dynamic industry - now, they will be able to do so," said Honeywell CEO Darius Adamczyk, who will chair the new business.

Baha Breaking News (BBN) / MD