SVB Financial Group to Buy Boston Private Financial
Posted on 01/05/2021
SVB Financial Group, the parent of Silicon Valley Bank (SVB), signed a deal to buy listed Boston Private Financial Holdings, Inc., the parent company of Boston Private Bank & Trust Company. The combined private bank and wealth management assets under management would be US$ 17.7 billion, based on September 30, 2020 figures.
Under the terms of the merger agreement, Boston Private shareholders will receive 0.0228 shares of SVB common stock and US$ 2.10 of cash for each Boston Private share they own, representing a total consideration value of approximately US$ 900 million based on SVB’s closing stock price of US$ 387.83 on December 31, 2020. The transaction has been unanimously approved by both companies’ Boards of Directors and is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of Boston Private.
Advisors
Goldman Sachs & Co. LLC acted as financial advisor to SVB in the transaction. Sullivan & Cromwell LLP served as legal counsel to SVB. Morgan Stanley & Co. LLC acted as financial advisor to Boston Private and Wachtell, Lipton, Rosen & Katz served as legal counsel.