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SVB Financial To Acquire Boston Private, Stock Climbs 30%

Sam Boughedda trader
Updated 5 Jan 2021

Practice Stock Trading
Boston Private

Shares of Boston Private Financial Holdings (NASDAQ: BPFH) popped higher on Tuesday after the company announced it will be acquired by SVB Financial Group (NASDAQ: SVN) for $900 million.

Boston Financial shares jumped over 30% on the announcement and are currently priced at $10.94.

Combined, the private bank and wealth management assets under management will be $17.7 billion once the acquisition has been completed.

The agreement will see Boston Private shareholders receive 0.0228 shares of SVB common stock and approximately $2.10 of cash for each share they own, representing a total consideration of $900 million, based on SVB’s closing stock price of $387.83 on the 31st of December 2020.

“Boston Private's experienced and well-regarded team, robust service offering, and advanced technology platform will significantly bolster our private bank and wealth management capabilities and enhance our ability to offer products and services tailored to the needs of founders, executives and investors,” said Greg Becker, President and CEO of SVB.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.Â