June 9 (UPI) -- IonQ announced an agreement Monday to buy Oxford Ionics for $1.075 Billion. This agreement consists of $1.065 shares in IonQ common stock and approximately $10 Million in cash.

IonQ will acquire its British peer Oxford Ionics for $1.08 billion, the companies said on Monday, helping the U.S.-based quantum computing firm deepen its research expertise in the complex technology that is seeing booming investor interest.

US quantum computing company IonQ plans to acquire UK rival Oxford Ionics for $1.08 billion. The deal will primarily involve shares of IonQ common stock, with only around $10m coming in the form of cash.