The transaction includes an implied combined pro forma total enterprise value of approximately $622 million, assuming no shareholder redemptions.
According to a company press release, while Qenta originally focused on the precious metals industry, the company brought gold into the digital age as an efficient store of value and gave it true utility as a medium of exchange.
Qenta’s goal is to replicate and expand their digital assets solution for soft commodities, fiat currencies and carbon offsets in multi-asset wallets while also pursuing a geographic expansion of their payments and capital & risk management services.
The Pillsbury deal team was led by Corporate partner Riaz Karamali and included Global Sourcing & Technology Transactions partner John Barton, Finance partners Daniel Budofsky and Robert Nelson, Intellectual Property partner Chris Drymalla, special counsel Patricia Cotton and senior legal analyst Lisa Wohlgemuth, Corporate partners Gabriella Lombardi and JiJi Park, Fintech, Payments & Blockchain partner Deborah Thoren-Peden and counsel Daniel Wood, and Corporate associates Andrew Clark, Thomas Morris, Grace Lee and Eleanor Furlong, Cybersecurity, Data & Protection special counsel Catherine Meyer, International Trade counsel Benjamin Cote and Matthew Rabinowitz and associates Ata Akiner and Roya Motazedi, Corporate Investigations & White Collar Defense counsel David Oliwenstein and Corporate legal analyst Adam Perry. The Pillsbury team worked closely with co-counsel firms Perkins Coie LLP and Gowling WLG in helping the client BCSA to accomplish its objectives.
Click here to learn more about the transaction.