Home Personal Finance SVB Financial to sell Boston-based SVB Securities to management team

SVB Financial to sell Boston-based SVB Securities to management team

by TodayDigitNews@gmail.com
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SVB Financial Group has agreed to sell the investment banking business of SVB Securities to a group of management bidders led by SVB Securities CEO Jeff Leelink.

SVB Financial Group said in a statement on Sunday that the group will acquire SVB Securities for a combination of cash, repayment of intercompany bonds, assumption of certain liabilities and a 5% equity instrument in the buyer company. After that, the brand name of the brokerage branch will be changed to Leelink Partners.

No further terms were disclosed.

The transaction is backed by funds managed by the Baupost Group. MoffettNathanson LLC will not be included in the transaction and will remain part of SVB Financial Group.

“The management team and I are thrilled to return to our tradition of owning and leading the best healthcare investment banks and relaunch the business under the trusted Leelink Partners brand,” Leelink said in a statement. There are,” he said.

SVB Securities management is in talks to buy back the investment bank from bankrupt SVB Financial Group, Bloomberg reported on June 1.

A public hearing to seek the necessary court approval is scheduled for June 29.

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