TLDR:
- SVB Financial Group has reached a deal to sell its venture capital unit, SVB Capital, to a newly created affiliate of Pinegrove Capital Partners.
- The transaction involves a mix of cash and other considerations and is subject to bankruptcy court and regulatory approval.
BNN Bloomberg- SVB Financial Group, the former parent company of Silicon Valley Bank, has agreed to sell its venture capital unit, SVB Capital, to a new entity backed by Pinegrove Capital Partners. The deal, which includes cash and other forms of consideration, is pending approval from bankruptcy court and regulators. SVB Capital is considered one of the valuable assets to emerge from Silicon Valley Bank’s collapse last year. Earlier this year, SVB Financial and senior bondholders reached an agreement to form a new company with assets like SVB Capital and potential tax attributes worth billions of dollars. Pinegrove Capital Partners, supported by capital from Brookfield Asset Management and Sequoia Heritage, is now set to acquire SVB Capital in this strategic move for SVB Financial Group.
