Foley Advises SkyWater Technology in Agreement to be Acquired by IonQ

Foley & Lardner LLP served as legal advisor to SkyWater Technology (NASDAQ: SKYT), the largest exclusively U.S.-based, pure-play semiconductor foundry, in its definitive agreement to be acquired by IonQ Inc. (NYSE: IONQ), the world’s leading quantum platform company, in a cash-and-stock transaction valuing SkyWater at approximately $1.8 billion.

The transaction, unanimously approved by the Boards of Directors of both companies, is expected to close in the second or third quarter of 2026, subject to SkyWater shareholder approval, regulatory approvals, and other customary closing conditions.

The Foley transactions team was led by partners John Wilson and Mark Plichta with support from senior counsel Eric Lauria-Banta and partners Benjamin Dryden, Leigh Riley, Timothy Voigtman, and Erin Toomey.