Ropes & Gray has represented the PIPE placement agents in connection with the proposed business combination between Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company, and Xanadu Quantum Technologies, Inc., a leading photonic quantum computing company. The transaction is expected to result in Xanadu being the first and only publicly traded pure play photonic quantum computing company.
The transaction values Xanadu at a pre-money rollover equity value of approximately $3 billion and the combined company at a pro forma enterprise value of approximately $3.1 billion, with a pro forma market capitalization of approximately $3.6 billion. Shares of the combined company are expected to trade on both Nasdaq and the Toronto Stock Exchange. The transaction was announced on November 3, 2025.
The team was led by capital markets partner Christopher Capuzzi.
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