BTQ Technologies (BTQ) has received regulatory approval from French Foreign Direct Investment authorities to complete its acquisition of the remaining shares of French quantum computing firm QPerfect for 18.6 million euros ($21.2 million) in cash and stock, the company said Wednesday.

The clearance has been delivered subject to commitments imposed by the French Ministry for the Economy and Finance, including maintaining QPerfect's registered office in France, appointing a French corporate officer, continuing research and development activities, and protecting intellectual property, BTQ said.

The transaction consideration consists of 2 million euros in cash and 16.6 million euros through the issuance of 2.2 million BTQ common shares, the company said. The purchase price also includes an earnout payment of up to 5.7 million euros, consisting of 440,604 euros payable in cash and 5.2 million euros payable through the issuance of 693,450 BTQ shares.