The announcement of the merger between Pasqal and the SPAC Bleichroeder Acquisition Corp highlights a familiar figure in the European technology industry: Michel Combes.
Former manager of Alcatel-Lucent and Altice, then with the SoftBank Vision Fund, he now appears in a more discreet but strategic role as financial sponsor responsible for supporting access to capital markets for a technological company resulting from scientific research.
The transaction involves the merger of Pasqal with Bleichroeder Acquisition Corp. II, a SPAC co-sponsored by Michel Combes and Andrew Gundlach, with a view to listing on Nasdaq. The transaction enhances the French company 2 billion dollars (around 1.7 billion euros) before financing and plans 200 million dollars of committed capital (approximately 170 million euros) in the form of convertible financing to support its industrial development.
A trained leader in the telecommunications industry
A graduate of École Polytechnique and Télécom Paris, Michel Combes belongs to a generation of French engineers who built their careers at a time when telecommunications were becoming a global strategic infrastructure. After several management positions at France Telecom, he joined the British group Vodafone, where he held financial and operational responsibilities on a European scale.
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This period corresponds to a phase of profound transformation in the sector with the deployment of mobile telephony, the international development of operators and the rise of the Internet.
The recovery of Alcatel-Lucent
In 2013, Michel Combes took over as general manager of Alcatel-Lucent, a Franco-American group resulting from the merger between Alcatel and Lucent Technologies and then facing significant financial difficulties. He is launching a transformation program intended to reduce costs, refocus the company on IP networks and broadband infrastructure, and restore profitability. This restructuring prepares the consolidation of the telecom equipment sector and precedes the acquisition of the company by Nokia in 2016.
Altice and the consolidation of telecoms
After this industrial sequence, Michel Combes joined the Altice group founded by Patrick Drahi. In particular, he held the positions of Director of Operations and Managing Director of Altice NV, participating in the operational structuring of the group in a phase of rapid expansion marked by the acquisition of telecom operators and media assets in Europe and the United States. This experience strengthens his positioning as a manager capable of operating in complex and highly capital-intensive industrial environments.
Shift to technology capital
Michel Combes then joined the SoftBank Vision Fund, one of the largest technology investment funds in the world. Within the fund, he participates in particular in monitoring investments in digital infrastructure and emerging technologies, marking an evolution in his career: from operational management of industrial companies to global technological investment.
Sponsor of SPAC in the quantum sector
The operation announced with Pasqal opens a new phase, the SPAC Bleichroeder Acquisition Corp. II, co-sponsored by Michel Combes and Andrew Gundlach, was created with the objective of identifying and supporting a technology company likely to quickly access the stock markets.
In a press release published on the occasion of the announcement of the operation, the two sponsors explain their choice:
“ Pasqal represents the strength of French scientific excellence transformed into commercial leadership. Built on Nobel Prize-winning research and supported by France’s national commitment to quantum innovation, Pasqal has already deployed quantum computers around the world and is now providing concrete operational capabilities. »
“ We believe this partnership provides Pasqal with the capital and platform to accelerate its growth as a global leader in neutral quantum computing. We are proud to support Pasqal, a company that combines sovereign European roots with international ambition and the ability to grow to become a global quantum player. »
Pasqal, a scientific project turned business
Founded in 2019 by Georges-Olivier Reymond, Alain Aspect, Christophe Jurczak, Antoine Browaeys and Thierry Lahaye, Pasqal develops quantum computers based on quantum neutral atoms.
This approach involves manipulating individual atoms trapped by lasers in order to perform quantum calculations. It draws in particular on the scientific work of Alain Aspect, 2022 Nobel Prize in Physics. The company has already installed several systems in research centers and manufacturers in Europe, North America and Asia.
The challenge of financing quantum
Quantum computing is distinguished by particularly long innovation cycles and high financing requirements. The experimental infrastructures, specialized scientific teams and industrial investments required often exceed the capabilities of traditional venture capital. In this context, access to financial markets becomes a strategic lever for companies in the sector.
The presence of Michel Combes in the Pasqal operation illustrates this evolution and positions himself as intermediary between scientific research and international capital markets.
