SVB Financial Group Completes Sale of Investment Banking Business to Management Team Group
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As previously announced, the management-led buyout was selected and approved as the successful bid for the investment banking business following a competitive bidding process conducted under procedures approved by the
Under the terms of the purchase agreement, the acquisition from SVB Financial Group included a combination of cash, repayment of an intercompany note, the assumption of certain liabilities (including significant deferred compensation obligations) and a
MoffettNathanson LLC, a sell-side research business owned by SVB Financial Group, was not included in the transaction and remains part of SVB Financial Group.
Court filings and other information related to the SVB Financial Group's Chapter 11 proceeding are available on a website administrated by the Company's claims agent, Kroll, at https://restructuring.ra.kroll.com/svbfg/; or by emailing SVBFGInfo@ra.kroll.com.
Advisors
Centerview Partners LLC is serving as financial advisor, Sullivan & Cromwell LLP is serving as legal counsel and Alvarez & Marsal is serving as the restructuring advisor to SVB Financial Group as debtor-in-possession.
About SVB Financial Group
SVB Financial Group (Pink Sheets: SIVBQ) is the holding company for various financial services companies, including SVB Capital.
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SOURCE SVB Financial Group