SVB Financial to Acquire Boston Private in $900 Million Deal
SVB Financial Group (NASDAQ: SIVB), the parent of Silicon Valley Bank, has announced an agreement to acquire Boston Private Financial Holdings (NASDAQ: BPFH) in a deal that will create immediate scale in the bank's private banking and wealth management business.
The part-stock, part-cash deal is worth an estimated $900 million, valuing Boston Private at $10.94 per share.
That's a roughly 30% premium over Boston Private's closing stock price on Jan. 4 and values the bank at about 120% tangible book value. Based on its closing price of $8.39 on Jan. 4, Boston Private traded for 89% tangible book value before the deal.
Source Fool.com