IonQ to Acquire Oxford Ionics for $1.08 Billion to Boost Quantum Computing Research

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U.S.-based quantum computing company IonQ announced on Monday that it will acquire British peer Oxford Ionics for $1.08 billion in a cash-and-stock deal, aiming to strengthen its expertise in the rapidly growing quantum technology sector. IonQ’s shares rose nearly 4% in premarket trading following the announcement, with the company’s market valuation standing at $10.15 billion as of the last close.

Quantum computing, which leverages quantum bits or qubits to perform complex calculations faster and more efficiently than classical computers, has attracted significant investments from tech giants like Microsoft, Google, and IBM. Oxford Ionics specializes in innovative methods to control qubits, a critical focus area in advancing quantum computer performance.

The founders of Oxford Ionics, Chris Balance and Tom Harty, who are also researchers, will continue to work with IonQ after the acquisition closes. The transaction price per share will be set between $30.22 and $50.37 based on IonQ’s stock price in the 20 days preceding deal closure, expected within this year.

Although revenues remain modest for quantum computing companies including IonQ and competitor Rigetti, the technology is viewed as vital for national security and has promising applications in fields such as medical research and cybersecurity.

IonQ has actively expanded its capabilities through acquisitions, including last year’s purchase of Boston startup Lightsynq, which focuses on quantum memory. Meanwhile, Nvidia’s CEO Jensen Huang announced plans to open a quantum computing research lab, signaling growing industry momentum, despite some skepticism about when the technology will be practically applicable.

Italy Ends Spyware Contracts with Israeli Firm Paragon Amid Controversy

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Italy and Israeli spyware maker Paragon have terminated their contracts following allegations that the Italian government used Paragon’s technology to hack phones of government critics, according to a parliamentary report released Monday and statements from both parties.

The fallout stems from a report by Italy’s parliamentary security committee (COPASIR) and earlier revelations from Meta’s WhatsApp, which disclosed that Paragon spyware targeted multiple users including an investigative journalist and members of Mediterranea, a migrant rescue charity critical of Prime Minister Giorgia Meloni.

The government acknowledged that seven Italian phone users had been targeted but denied involvement in illicit surveillance and said it had tasked the National Cybersecurity Agency to investigate. COPASIR’s report states that Italian intelligence services initially suspended and later ended their contracts with Paragon after the media backlash, though the exact timing remains unclear.

Contradictory statements have fueled political criticism, with opposition parties demanding clarity. Paragon claims it ceased providing spyware after allegations against journalist Francesco Cancellato became public, but said the government declined joint investigation offers to verify whether Cancellato was spied on. The committee found no evidence Cancellato was surveilled with Paragon’s tools.

COPASIR also detailed that Italy’s domestic and foreign intelligence agencies used the spyware sparingly, with prosecutor approval, for law enforcement purposes including counter-terrorism, fugitive searches, and anti-smuggling. It stated that spying on Mediterranea activists related to their activities potentially connected to irregular immigration, with authorization from the government.

Undersecretary Alfredo Mantovano, responsible for intelligence oversight, authorized the spyware use on Mediterranea activists Luca Casarini and Beppe Caccia in September 2024. Meanwhile, six Mediterranea members, including Casarini and Caccia, face trial accused of aiding illegal immigration, charges they deny.

The scandal has drawn calls for parliamentary inquiry and public scrutiny over surveillance ethics and government transparency.

Spectris Open to $5 Billion Takeover Bid from Advent, Shares Jump 70%

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British scientific instruments maker Spectris (SXS.L) said it would accept a £3.73 billion ($5.06 billion) takeover offer from U.S. private equity firm Advent if a formal bid is made, sending its shares soaring 70% on Monday. The bid values Spectris at approximately £37.63 per share including dividends, representing an 85% premium over its last closing price.

Spectris’ shares had fallen sharply earlier this year, hitting an eight-and-a-half-year low in April amid trade policy uncertainties and weak demand. The company provides hardware and analytical software to industries such as pharmaceuticals, steel, and automotive across 36 countries.

JP Morgan analysts noted Spectris had long been seen as a takeover target due to its simplified portfolio and undervaluation relative to U.S. peers. The firm had previously said it expected to offset tariff impacts through surcharges.

The proposed takeover is the largest in the UK so far this year and comes amid a trend of acquisitions and subdued IPO activity affecting the London stock market. Advent must submit a formal offer by July 7 or abandon the bid, according to UK takeover rules.

Spectris’ board has indicated it would recommend the offer if formally presented. Despite the recent surge, the company’s shares remain down roughly 50% from their peak in September 2021.