SVB Financial’s $900 Million Acquisition of Boston Private

Sullivan & Cromwell LLP served as legal counsel to SVB, while Wachtell, Lipton, Rosen & Katz served as legal counsel to Boston Private on the deal. Fried Frank acted as counsel to Goldman Sachs as financial advisor to SVB Financial Group in the transaction.

SVB Financial Group (“SVB”) (NASDAQ: SIVB), the parent of Silicon Valley Bank, the bank of the world’s most innovative companies and their investors, and Boston Private Financial Holdings, Inc. (“Boston Private”)(NASDAQ: BPFH), the parent company of Boston Private Bank & Trust Company, a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits,  have entered into a definitive merger agreement pursuant to which SVB will acquire Boston Private.

Under the terms of the merger agreement, Boston Private shareholders will receive 0.0228 shares of SVB common stock and $2.10 of cash for each Boston Private share they own, representing a total consideration value of approximately $900 million based on SVB’s closing stock price of $387.83 on December 31, 2020.

Goldman Sachs & Co. LLC acted as financial advisor to SVB in the transaction, and Morgan Stanley & Co. LLC acted as financial advisor to Boston Private.

Sullivan & Cromwell team for SVB included H. Rodgin Cohen and Jared Fishman.

Wachtell, Lipton, Rosen & Katz team advising Boston Private included partners Edward Herlihy (Picture) and Jacob Kling.

Fried Frank advised Goldman Sachs with Ethan B. Kamer, Philip Richter, and Roy Tannenbaum.

Involved fees earner: Ethan Kamer – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Rodgin Cohen – Sullivan & Cromwell; Jared Fishman – Sullivan & Cromwell; Edward Herlihy – Wachtell, Lipton, Rosen & Katz; Jacob Kling – Wachtell, Lipton, Rosen & Katz;

Law Firms: Fried Frank Harris Shriver & Jacobson; Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz;

Clients: Boston Private Bank & Trust; Goldman Sachs; Silicon Valley Banks;


Author: Ambrogio Visconti