Ogier advises Pasqal and Bleichroeder Acquisition Corp. II on US$2 billion business combination

Ogier's Corporate team in the Cayman Islands has advised quantum computing company Pasqal Holdings SA (Pasqal) and special purpose acquisition company Bleichroeder Acquisition Corp. II (Bleichroeder) on their completed business combination, resulting in Pasqal becoming a publicly traded company on Nasdaq. 

The transaction values Pasqal at a pre-money equity value of $2 billion and includes $200 million in committed convertible financing. Following completion of a series of mergers involving Bleichroeder and Pasqal, the combined company continues to operate under the Pasqal name and began trading on The Nasdaq Stock Market on 28 August 2026 under the ticker symbols PSQL and PSQLW. 

With approximately US$360 million of cash available at closing, the company intends to accelerate the manufacturing and global deployment of its quantum processing units as it enters its next phase of growth. 

Ogier advised both Pasqal and Bleichroeder on the transaction, with separate Cayman Islands teams acting for each party. The team advising Bleichroeder was led by partner Natalie Bell, with support from managing associate Laura O'Byrne and associates Scott Parmenter and Kimberly Ebanks. The team advising Pasqal was led by partner Bradley Kruger, with support from senior associates Ali Pasley and James O’Sullivan.  

Ogier is one of the leading Cayman Islands advisers in the SPAC market and regularly supports clients across the full SPAC lifecycle, from IPO through to de-SPAC. Contact our specialists to find out more.