International law firm McDermott Will & Emery represented Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK), a global leader in cryptocurrency mining, in two strategic transactions: a subsidiary sale of its Helios facility in Dickens County, Texas to Galaxy Digital Holdings, Ltd. (Galaxy), a digital asset and blockchain leader providing institutions, startups and qualified individuals access to the crypto economy, for $65 million and the refinancing of its asset-backed loans with a new, $35 million asset-backed loan from Galaxy.

These transactions reduced Argo’s indebtedness by $41 million, strengthening its balance sheet and liquidity position. Argo will maintain ownership of all mining machines, and Galaxy will host Argo’s fleet of Bitmain S19J Pros at the Helios facility.

The McDermott corporate team was led by Darren Azman, Chuck Gibbs and Jack Langlois and included Evan Belosa, Kevin Brophy, Richard Call, Sarah Engle, Joseph Evans, Alex Farr, Steven Hadjilogiou, Shawn Helms, Jacob Hollinger, Abigail Kagan, Maris Kandestin, Robert Lamkin, Jibin Luke, Heidi Steele, Eric Seitz, Blake Wong, Raja Chatterjee, Ian Sebastian Gall, Jane Gerber, David Giattino, Andrew Granek, Ming Lei, Sarah Nabors, Nick Paul, Shelby Perry, Natalie Rowles, Jennifer Schein, Brandon White, Grayson Williams and Kate Williams. The McDermott finance team was led by Riley Orloff, Darren Yang and Robin Riley.

Read Argo Blockchain’s press release.

McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,400 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.

International law firm McDermott Will & Emery represented Transverse Insurance Group LLC, a US-based based hybrid fronting insurance company and part of the Virgo Investment Group’s portfolio, in its agreement to be sold to Mitsui Sumitomo Insurance Co., Ltd., a member of the MS&AD Insurance Group, pending customary regulatory approval.

Transverse was established in 2018 by Virgo Investment Group and co-founders Erik Matson and Dave Paulsson. Since its inception, the Company has quickly grown to over 50 professionals, claiming a meaningful share of the U.S. fronting market. The combined company will allow Transverse to accelerate its competitive advantage by securing greater access to product lines and new distribution opportunities, serving the evolving and long-term needs of its MGAs and reinsurer partners more effectively.

• The transaction was announced on August 10, 2022 and closed on January 3, 2023.
• The McDermott deal team was led by Michael Halsband and includes Robert Clagg, Marisa Young, Amanda Kane, Leigh Solomon, John Lutz, Andrew Granek, Erin Turley, Nick Paul, Brian Mead, Jed Gordon, David Saunders and David Solander.
• Read Transverse’s press release here.

McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.