Fenwick & West LLP represented a consortium of leading financial institutions that participated in a $107 million capital investment in R3, the largest consortium of global financial institutions collaborating to develop a platform and commercial applications for distributed ledger technology (DLT). The financing represents the first two of three tranches in R3’s Series A fundraising round. The consortium includes more than 40 participants from over 15 countries. Top investors include SBI Group, Bank of America Merrill Lynch, HSBC, Intel and Temasek. Other major investors include ING, Banco Bradesco, Itaú Unibanco S.A., Natixis, Barclays, UBS and Wells Fargo.
R3 is expected to use the funds to accelerate technology development and expand strategic partnerships for product deployment. More information about the investment in R3 can be obtained from the company’s press release.
The Fenwick transaction team was led by corporate partner and chair of the Private Equity Practice Scott Joachim and was executed through a cross-office collaborative effort among corporate lawyers David Johanson, Ian Goldstein, Kate Dodson, Sean Childers, Michael Duignan, Felipe Heiderich, Hans Andersson, Patrick Vergara, Amy Zhang and Larry Suh; technology transaction lawyers Stephen Gillespie, Daniel Friedberg, Joseph Schenck and Jalila Sparks; antitrust lawyer Mark Ostrau; executive compensation and employee benefits lawyers Shawn Lampron, Marshall Mort, Elizabeth Chang and Daniel Renz; and tax lawyers David Forst, Larissa Neumann, Julia Ushakova-Stein and Michael Knobler.