SK Telecom (South Korea) and IonQ (US) to forge strategic quantum computing partnership

On February 27, 2025, SK Telecom, a South Korean wireless telecommunications operator part of the SK Group, announced a strategic partnership with US-based quantum computing company, IonQ. As part of this collaboration, SK Telecom will transfer all its shares in its Swiss-based affiliate ID Quantique SA to IonQ, receiving an equivalent amount of IonQ shares in return. This share swap transaction will see ID Quantique SA, a leader in quantum cryptography, become a subsidiary of IonQ, while SK Telecom will retain a participation in IonQ. The acquisition, valued at approximately $250 million, is expected to close in Spring 2025.

Lenz & Staehelin advised SK Telecom on all Swiss law aspects of the transaction, along with lead counsel Lee&Ko and US law counsel White and Case.