M&A · Financials · State Commercial Banks
SVB Financial Group to acquire Boston Private Financial Holdings Inc
Announced Jan 4, 2021 · Closed Jul 1, 2021
Deal value$900M
Premium29.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- SVB Financial Group (SIVB)
- Target
- Boston Private Financial Holdings Inc (BPFH)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jul 1, 2021
Deal protections
- Break fee (target pays)
- $36.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $10.0M
Sector context · Financials
- Comparable deals
- 5 in the prior 24 months
- Premium
- 29.0% vs. 61.0% sector median
- EV / Adj. EBITDA
- —
- Break fee
- 4.0% vs. 2.8% sector median
Timeline
- AnnouncedJan 4, 2021
- Proxy filedMar 18, 2021
- Definitive proxyMar 18, 2021
- Shareholder voteMay 4, 2021
- ClosedJul 1, 2021
Valuation · fairness opinions
Discounted cash flow$7.14$8.89
Discounted cash flow$7.70$9.66
Trading comparables$244.32$383.94
Trading comparables$237.15$395.24
Trading comparables$210.56$387.83
Implied value per Boston Private Financial Holdings Inc share by analysis, from Morgan Stanley.