Pinegrove Affiliate To Acquire SVB Capital

(RTTNews) - SVB Financial Group (SIVBQ) said that it has reached a definitive agreement by which a newly created entity affiliated with Pinegrove Capital Partners and backed by permanent capital from Brookfield Asset Management and Sequoia Heritage, will acquire the company's investment platform business, SVB Capital. SVB Capital would be acquired for a combination of cash and other economic consideration.

As part of the deal, 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.

The deal is subject to Bankruptcy Court and regulatory approval, as well as other customary closing conditions.

On May 2, 2024, SVB Financial Group 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 Group said it intends to seek approval of the buyer protections at a hearing on May 16, 2024, and has requested that the Bankruptcy Court schedule a hearing to approve the sale of SVB Capital on June 5, 2024.