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Joele Frank is handling the bankruptcy filing for SVB Financial, a restructuring designed to preserve the value of its venture capital platform and regulated broker-dealer units.
Silicon Valley Bank, which was shut down by federal government, is no longer affiliated with SVB Financial. The Federal Deposit Insurance Corp. oversees Silicon Valley Bridge Bank.
SVB Financial estimates It has $2.2B in liquidity flowing from SVB Capital, SVB Securities and cash.
The Chapter 11 filing provides some financial protection for SVB Financial as it explores strategic options for SVB Capital and SVB Securities, which CEO William Kosturos calls “prized businesses and assets.”
“SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams,” said Kosturos.
Joele Frank, Wilkinson Brimmer Katcher’s Michael Freitag, Jed Repko and Aaron Palash work the media for SVB Financial’s reorganization.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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