RTTNews | Jun 8, 2021 08:38AM EDT

08:38 Tuesday, June 8, 2021 (RTTNews.com) - Honeywell Quantum Solutions and Cambridge Quantum Computing will merge to form the largest, most advanced standalone quantum computing company in the world, Honeywell (HON) said in a statement.

Honeywell noted that the new company will offer highest performing quantum computer and a full suite of quantum software, including the first and most advanced quantum operating system. The new company will shape the future of what is projected to become a $1 trillion quantum computing industry over the next three decades.

Upon completion of the combination, Honeywell will own a majority stake of the new company, with commensurate governance rights. In addition, Honeywell will invest between $270 million and $300 million in the new company and will have a long-term agreement to help manufacture the critical ion traps needed to power the quantum hardware.

The merger is expected to be complete in the third quarter of 2021. Honeywell Chairman and Chief Executive Officer Darius Adamczyk will serve as chairman of the new company. The new company will be led by Ilyas Khan, the CEO and founder of Cambridge Quantum Computing. Tony Uttley, currently the president of Honeywell Quantum Solutions, will serve as the new company's president.

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