Latham Advises Rivian on Unsecured Convertible Note Offering in Connection With Planned Joint Venture With Volkswagen Group

Rivian Automotive (NASDAQ: RIVN) and Volkswagen Group (XETRA: VOW / VWO3) have announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and best-in-class software technology. The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. In connection with the strategic partnership, Volkswagen Group plans to make a US$5 billion investment into Rivian. Initially Volkswagen Group will invest US$1 billion in Rivian through an unsecured convertible note that will convert into Rivian’s common stock subject to certain conditions upon the later of receipt of regulatory approvals and December 1, 2024. Volkswagen Group is expected to invest a further US$4 billion as part of the transaction.

Latham & Watkins LLP represented Rivian in the US$1 billion unsecured convertible note offering with a corporate team led by partners Tad Freese, Greg Rodgers, and Sal Vanchieri, with associates Ryan Gold and Matt Schlanger.