Silver Lake Invests in the Announced $2 Billion Business Combination Between IonQ and dMY Technology Group III
03.09.21
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The Firm is representing Silver Lake in connection with its committed private placement investment in the announced merger between IonQ, Inc. (“IonQ”) and dMY Technology Group, Inc. III (“dMY III”) (NYSE: DMYI), a special purpose acquisition company. 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.
The transaction reflects an implied pro-forma enterprise value of 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, including Silver Lake, via a committed private placement investment.
The Simpson Thacher team includes 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).