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SVB Financial (OTC:SIVBQ) late on Thursday announced that a newly created entity affiliated with Pinegrove, and backed by permanent capital from Brookfield Asset Management (TSX:BAM:CA) and Sequoia Heritage, will acquire the company’s investment platform business, SVB Capital.
Under the terms of the agreement, SVB Capital would be acquired for a combination of cash and other economic consideration, SVB Financial (OTC:SIVBQ), the former parent company of Silicon Valley Bank, said in a statement.
As part of this differentiated partnership, Pinegrove and SVB Capital will operate independently, each led by their existing management teams, with the common long-term financial backing of Brookfield and Sequoia Heritage.
SVB Financial Group (OTC:SIVBQ) on May 2 filed a motion seeking the Court’s authorization to approve buyer protections for the Pinegrove affiliate and consummate a sale of the SVB Capital business.
SVB Financial (OTC:SIVBQ) intends to seek approval of the buyer protections at a hearing on May 16, and has requested that the Bankruptcy Court schedule a hearing to approve the sale of SVB Capital on June 5.
Source: Press Release
