- SVB Financial (NASDAQ:SIVB) agrees to acquire Boston Private Financial Holdings (NASDAQ:BPFH), parent of Boston Private Bank & Trust, for about $900M of stock and cash, based on SIVG's closing stock price on Dec. 31, 2020.
- The transaction accelerates SIVB's private bank and wealth management business and strengthens its overall platform and ability to fully meet the financial needs of its clients, SIVB said.
- Holders of BPFH shares will get 0.0228 shares of SVIB common stock and $2.10 of cash for each BPFH share they own.
- That values BPFH shares at about $10.94 each, or ~29% premium to the stock's closing price of $8.45 on Dec. 31, 2020.
- The deal is subject to the approval of Boston Private shareholders.
- Previously (Nov. 30): SVB Financial to acquire WestRiver Group's debt investment business.