Terra Quantum, and Mountain Lake Acquisition Corp. II (MLAC II), a special purpose acquisition company, have signed a non-binding letter of intent to enter into a business combination that values Terra Quantum at $3.25 billion.
The proposed transaction reflects strong confidence in Terra Quantum’s differentiated quantum algorithms, software, quantum security, and hybrid quantum-classical solutions, as well as its commercial traction across multiple industries including defence, finance, pharmaceuticals, and logistics.
Upon completion of the transaction, the combined entity will be publicly listed, providing Terra Quantum with enhanced access to capital markets to support its next phase of growth, including product development, global expansion, and strategic acquisitions.
The contemplated business combination is expected to enable Terra Quantum to accelerate the commercialization of ready to deploy quantum technologies and to strengthen its balance sheet to support scaling operations globally.
The merger is also expected to expand partnerships with enterprise and government customers and enhance visibility in the quantum computing sector.
“This milestone marks a significant step forward in Terra Quantum’s mission to deliver practical quantum solutions on a global scale today,” said Markus Pflitsch, chairman and CEO of Terra Quantum.
“Partnering with MLAC II would enable us to accelerate innovation, deepen customer engagement, and expand our global footprint,” said Pflitsch.
Paul Grinberg, chairman and CEO of MLAC II, said the proposed transaction aligns with their strategy to partner with “high-growth, category-defining technology companies that can create significant value.”
“We believe Terra Quantum is uniquely positioned at the forefront of the quantum revolution which also has a management team with distinguished backgrounds in both science and the commercialisation of technology,” said Grinberg.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, is serving as exclusive financial and capital markets advisor to Terra Quantum.
Heussen Rechtsanwaltsgesellschaft, together with Kellerhals Carrard, Winston & Strawn, and Niedermann Rechtsanwälte, are serving as legal counsel to Terra Quantum.
BTIG is serving as financial and capital markets advisor to MLAC II. Lowenstein Sandler LLP and Lenz & Staehelin are serving as legal counsel to MLAC II.
