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.

IonQ Inc. today announced plans to acquire Oxford Ionics Ltd, a fellow developer of quantum computing chips, for $1.075 billion. The company will finance the deal with a combination of its own stock and $10 million in cash. The acquisition is expected to close by year’s end.