Pinegrove Capital Partners LLC entered into a definitive agreement to acquire Silicon Valley BancVentures, Inc. from SVB Financial Group (OTCPK:SIVB.Q) on May 2, 2024. As part of this differentiated partnership, Pinegrove and SVB Capital will operate independently, each led by their existing management teams, with the common long-term financial backing of Brookfield and Sequoia Heritage and an aligned focus on providing flexible and innovative capital solutions to their trusted clients. SVB Financial Group filed a motion seeking the Court's authorization to approve buyer protections for the Pinegrove affiliate and consummate a sale of the SVB Capital business. SVB Financial Group intends to seek approval of the buyer protections at a hearing on May 16, 2024, and has requested that the Bankruptcy Court schedule a hearing to approve the sale of SVB Capital on June 5, 2024. The agreement is subject to Bankruptcy Court and regulatory approval, as well as other customary closing conditions.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Pinegrove. Centerview Partners LLC acted as a financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to SVB Financial Group (OTCPK:SIVB.Q).