The transaction is expected to close following a court approval hearing scheduled for 29 June.
SVB Financial Group filed for Chapter 11 bankruptcy proceedings in the US back in March following the collapse of Silicon Valley Bank.
As per the agreement, the bidding group will acquire SVB Financial Group’s investment banking business for a combination of cash, repayment of an intercompany note, the assumption of certain liabilities (including significant deferred compensation obligations), and a 5% equity instrument in the buyer entity.
