Jones Day and two leading Irish firms have taken the lead advising on a nearly $1.6 billion investment in ailing Bank of Ireland by a consortium that will own 34.9 percent of one of the country’s leading banks.

The investment group was led by WL Ross, a company founded by distressed-asset investor Wilbur Ross Jr., and Fairfax Financial of Canada, which will each own a 9 percent stake in Bank of Ireland following the investment, Reuters reports.

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