/PRNewswire/ Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State.
SVB Financial Group (NASDAQ: SIVB), the parent of Silicon Valley Bank, is to acquire Boston Private Financial Holdings, Inc. (NASDAQ: BPFH), the parent company of Boston Private Bank & Trust Company, a provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.
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.
The acquisition of Boston Private accelerates SVB’s private bank and wealth management offering, strengthening SVB’s overall platform.
Acquiring Boston Private could put the parent company of Silicon Valley Bank years ahead of schedule in catering to the investment needs of high-tech and biomedical clients, whose industries have thrived during the pandemic.
Low premium in Boston Private deal has big investor howling americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.