Arqit to Go Public Through $1.4B SPAC Deal, Launching Quantum Cybersecurity Platform
Arqit, a UK-based quantum encryption startup, plans to go public via a merger with Centricus Acquisition Corp, valuing the company at $1.4 billion. The deal is expected to enable Arqit to launch two satellites in 2023 and create 2,000 jobs in the UK.
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Arqit intends to complete its merger with Centricus Acquisition Corp by Q3 2021, providing approximately $400 million in gross proceeds. The transaction values the combined entity at a pro forma enterprise value of $1 billion, with existing shareholders retaining majority ownership.
This merger will support the launch of two quantum satellites in 2023, enhancing security against hacking threats through an innovative quantum key distribution protocol. Additionally, Arqit has launched QuantumCloud, a platform designed to simplify global encryption and is expected to create 2,000 high-tech jobs in the UK.
The company has secured contracts with BT for exclusive reselling in the UK and Virgin Orbit for satellite launches. The adoption of QuantumCloud could significantly impact cybersecurity infrastructure, as it aims to protect data centers globally through advanced encryption methods.
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