London-based quantum technology encryption startup, Arqit, recently announced its plans to go public. It has merged with a special purpose acquisition company, Centricus Acquisition Corp. With this development, the combined valuation of the business will be approx $1.4B. Virgin Orbit, Sumitomo Corporation, and Centricus sponsor Heritage Group form part of the Private Investment in Public Equity fund.
According to the press release, “The transaction values the combined company at a pro forma enterprise value of approximately $1.0B and is expected to provide up to $400M of gross proceeds to Arqit from a combination of $345M of cash held in Centricus’ trust account (assuming minimal redemption from Centricus existing shareholders), and approximately $70M from a fully committed PIPE. All existing shareholders and investors will continue to hold their equity ownership, and current Arqit shareholders will remain the majority owners of the combined company at closing.