IonQ’s Merger With dMY Technology Group

Cooley LLP and Cleary Gottlieb Steen & Hamilton LLP represented IonQ and dMY III, respectively, as legal counsel. Simpson Thacher represented Silver Lake in connection with its committed private placement investment.

dMY Technology Group, Inc. III (NYSE: DMYI.U), a publicly traded special purpose acquisition company (“dMY III”), and IonQ, Inc. (“IonQ”) have entered into a merger agreement. Upon closing of the transaction, IonQ shares will trade on the NYSE under the symbol “IONQ” as the first publicly traded pure-play hardware and software company in the quantum computing space. Pro forma implied market capitalization of the combined company is approximately $2 billion.

The combined entity will receive approximately $300 million from dMY III’s trust account, assuming no redemptions by dMY III’s public stockholders, as well as $350 million in gross proceeds from a group of strategic and institutional investors participating in the transaction via a committed private placement investment (“PIPE”).

IonQ, Inc. is the leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s 32 qubit quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through both the Amazon Braket and Microsoft Azure clouds, as well as through direct API access.

dMY III is a special purpose acquisition company formed by dMY III Technology Group, Harry L. You and Niccolo de Masi for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.

Morgan Stanley & Co. LLC is serving as the exclusive financial advisor to IonQ. Goldman Sachs & Co. LLC is serving as the exclusive financial advisor to dMY III. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are also acting as co-lead placement agents on the PIPE. Needham & Company also acted as placement agent on the PIPE.

The Cleary Gottlieb M&A team included partners Jim Langston  (Picture) and Kyle Harris, associates Charles Allen and Harshil Shukla, and law clerk Lukasz (Luke) Swiderski. The Capital Markets team included partners Giovanni Prezioso and Adam Brenneman, associates Julian Cardona, Jose Andres de Saro, and Stav Harel, and law clerks Laura Bournhonesque and Sam Connor. Partner Daniel Ilan, associate Jaehwan Park, and  law clerk Lindsay Harris advised on IP matters. Partners Michael Albano and Audry Casusol and associates Ashley Powell and Suzannah Golick advised on executive compensation and employee benefits matters. Partner Jason Factor and law clerk Drew Schaefer are providing tax advice. Partner Paul Marquardt and counsel Chase Kaniecki provided sanctions and FDI advice. Senior attorney Jim Corsiglia advised on anti-corruption matters. Counsel Beau Sterling advised on environmental matters. Counsel Steven Kaiser and associate Elise Lane advised on antitrust matters.

Simpson Thacher represented Silver Lake with Atif Azher, Naveed Anwar and Sherry Shen (M&A); Kenneth Wallach (Capital Markets); Genevieve Dorment and Amber Harezlak (Intellectual Property); Tristan Brown and Harry Hudesman (Executive Compensation and Employee Benefits); and Tim Mulvihill (Environmental).

The Cooley team included Adam Ruttenberg, John McKenna, David Silverman, Jaime Chase, Mike Lincoln, Alexandra Norman, Alex Weaver, Shashi Khiani, Charles York, Sean Pinckney, Rasha Azouqha, Jacqueline Grise, Randy Sabett, Tiana Demas, Eileen Marshall, Rick Jantz, Helen Connolly, Sharon Connaughton, Howard Morse, Dave Walsh, Mary Maher Lewis, Kevin King, Sarah Oliai, Dillon Martinson and Karen Tsai.

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Charles Allen – Cleary Gottlieb Steen & Hamilton; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Julian Cardona – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; Jose Andres de Saro – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Stav Harel – Cleary Gottlieb Steen & Hamilton; Kyle Harris – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Steven Kaiser – Cleary Gottlieb Steen & Hamilton; Chase Kaniecki – Cleary Gottlieb Steen & Hamilton; Elise Lane – Cleary Gottlieb Steen & Hamilton; James Langston – Cleary Gottlieb Steen & Hamilton; Paul Marquardt – Cleary Gottlieb Steen & Hamilton; Jaehwan Park – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Giovanni Prezioso – Cleary Gottlieb Steen & Hamilton; Harshil Shukla – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Rasha Azouqha – Cooley LLP; Jaime Chase – Cooley LLP; Sharon Connaughton – Cooley LLP; Helenanne Connolly – Cooley LLP; Tiana Demas – Cooley LLP; Jacqueline Grise – Cooley LLP; Rick Jantz – Cooley LLP; Shashi Khiani – Cooley LLP; Kevin King – Cooley LLP; Mike Lincoln – Cooley LLP; Mary Maher Lewis – Cooley LLP; Eileen Marshall – Cooley LLP; Dillon Martinson – Cooley LLP; John McKenna – Cooley LLP; Howard Morse – Cooley LLP; Alexandra Norman – Cooley LLP; Sarah Oliai – Cooley LLP; Sean Pinckney – Cooley LLP; Adam Ruttenberg – Cooley LLP; Randy Sabett – Cooley LLP; David Silverman – Cooley LLP; Karen Tsai – Cooley LLP; David Walsh – Cooley LLP; Alex Weaver – Cooley LLP; Charles York – Cooley LLP; Naveed Anwar – Simpson Thacher & Bartlett; Atif Azher – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Amber Harezlak – Simpson Thacher & Bartlett; Harry Hudesman – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Sherry Shen – Simpson Thacher & Bartlett; Kenneth Wallach – Simpson Thacher & Bartlett;

Law Firms: Cleary Gottlieb Steen & Hamilton; Cooley LLP; Simpson Thacher & Bartlett;

Clients: dMY Technology Group; IonQ; Silver Lake;

Martina Bellini

Author: Martina Bellini