---
title: "Bleichroeder Acquisition, Pasqal Sign $2.0 Billion Merger Backed by $200 Million Convertible Financing"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/277925184.md"
description: "Bleichroeder Acquisition II and Pasqal have signed a Business Combination Agreement valuing Pasqal at $2.0 billion pre-money. The merger includes a Cayman-to-France reincorporation and is supported by a $200 million investment through convertible bonds. Key stakeholders have committed to vote for the transaction, which is expected to close in the second half of 2026, pending regulatory and shareholder approvals. The deal aims to take Pasqal public and combine operations, with additional agreements in place to secure financing and shareholder support."
datetime: "2026-03-05T11:13:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277925184.md)
  - [en](https://longbridge.com/en/news/277925184.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277925184.md)
---

# Bleichroeder Acquisition, Pasqal Sign $2.0 Billion Merger Backed by $200 Million Convertible Financing

Bleichroeder Acquisition II and Pasqal signed a Business Combination Agreement valuing Pasqal at $2.0 billion pre-money, featuring a Cayman-to-France reincorporation followed by a merger by absorption into a newly named Pasqal Holding SA. To support closing, Bleichroeder also secured a $200 million investment via $250 million principal senior unsecured convertible bonds and accompanying warrants, to fund the combined company and meet minimum cash conditions. Deal certainty is further bolstered by sponsor and company support agreements committing key stakeholders to vote for the transaction and restrict transfers. The parties expect to close in the second half of 2026, subject to regulatory and shareholder approvals and Nasdaq listing.

**Agreement 1: Bleichroeder Acquisition to Merge With Pasqal in Cross-Border Deal Valuing Target at $2.0 Billion**

-   **Agreement type**: Business Combination Agreement (merger and reincorporation)
-   **Counterparty**: Pasqal Holding; Bleichroeder Acquisition 2 France
-   **Signed / Effective**: Feb 28 2026 / Feb 28 2026
-   **Duration / Termination**: Until Closing or termination
-   **Reason**: Take Pasqal public and combine operations

**Agreement 2: Bleichroeder Acquisition Lines Up $200 Million Convertible Bond and Warrant Financing for Pasqal Deal**

-   **Agreement type**: Securities Purchase Agreement for senior unsecured convertible bonds and warrants
-   **Counterparty**: Accredited investors led by Inflection Point
-   **Signed / Effective**: Mar 04 2026 / Mar 04 2026
-   **Duration / Termination**: Through Closing
-   **Reason**: Finance transaction and provide growth capital

**Agreement 3: Bleichroeder Acquisition Secures Sponsor Support to Back Pasqal Business Combination**

-   **Agreement type**: Sponsor Support Agreement
-   **Counterparty**: Bleichroeder Sponsor 2
-   **Signed / Effective**: Feb 28 2026 / Feb 28 2026
-   **Duration / Termination**: Until completion or termination of the deal
-   **Reason**: Secure votes and reduce redemption risk

**Agreement 4: Pasqal Holders Sign Support Agreement to Approve Merger With Bleichroeder Acquisition**

-   **Agreement type**: Company Support Agreement
-   **Counterparty**: Pasqal shareholders
-   **Signed / Effective**: Feb 28 2026 / Feb 28 2026
-   **Duration / Termination**: Until completion or termination of the deal
-   **Reason**: Ensure shareholder approval for the merger

Original SEC Filing: Bleichroeder Acquisition Corp. II \[ BBCQ \] - 8-K - Mar. 04, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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