SVB Financial Group announced a definitive agreement in which its investment platform business, SVB Capital, will be acquired by a new entity affiliated with Pinegrove Capital Partners. The deal, backed by Brookfield Asset Management and Sequoia Heritage, involves a combination of cash and other economic considerations.
Under the agreement, Pinegrove and SVB Capital will operate independently, with their existing management teams, both backed by the steady financial support of Brookfield and Sequoia Heritage.
The transaction is subject to approval from the Bankruptcy Court and other regulatory bodies, as well as the fulfillment of standard closing conditions. SVB Financial Group sought the court's authorization to approve buyer protections for the Pinegrove affiliate and officially consummate the sale of SVB Capital on May 2, 2024.
SVB Financial Group aims to secure approval for the buyer protections at a hearing scheduled for May 16, 2024 and has requested that the Bankruptcy Court arrange a hearing to approve the SVB Capital sale on June 5, 2024.