SVB FINANCIAL GROUP: M&A transaction — SVB Financial subsidiary sold $23.97B securities portfolio at $1.8B loss to Goldman Sachs on March 8

SVB FINANCIAL GROUP

Silicon Valley Bank sold AFS securities with book value ~$23.97B for net proceeds ~$21.45B, incurring after-tax loss of ~$1.8B.
Buyer: Goldman Sachs & Co. LLC; sale completed on March 8, 2023, prior to FDIC receivership.
The sale reflects SVB's attempt to raise cash amid a deposit run that led to its collapse.
Transaction occurred before the bank was closed by regulators on March 10, 2023.

item 2.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SVB FINANCIAL GROUP completed a disposition involving Goldman Sachs & Co. LLC for $21.45 billion (closed 2023-03-08).

Action: disposition
Counterparty: Goldman Sachs & Co. LLC
Consideration: $21.45 billion
Closing: 2023-03-08

Exact text from the filing

on March 8, 2023, Silicon Valley Bank completed the sale of a portfolio of available for sale securities with a book value of approximately $23.97 billion for net proceeds of approximately $21.45 billion (resulting in an after tax loss of approximately $1.8 billion).

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Source: SEC EDGAR

accession 0001193125-23-070254

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