Svb Financial Group (SIVBQ) has issued an announcement.
On May 2, 2024, SVB Financial Group, amidst bankruptcy proceedings, announced a definitive agreement to sell their investment platform, SVB Capital, to an affiliate of Pinegrove Capital Partners, supported by Brookfield Asset Management and Sequoia Heritage. The deal, still requiring Bankruptcy Court and regulatory approvals, includes cash and other considerations. A court hearing on May 16 is set to discuss buyer protections, with a June 5 hearing to potentially finalize the sale. This move is a significant step in the company’s restructuring efforts following its Chapter 11 bankruptcy filing.
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