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12:12 EDT SVB Financial to sell SVB Securities to management group led by Jeff Leerink - SVB Financial announced that it has entered into a definitive purchase agreement with the management team bidder group led by Jeff Leerink, SVB Securities' CEO and Founder, and backed by funds managed by The Baupost Group, for the sale of its investment banking business, SVB Securities. A hearing to seek required court approval is scheduled for June 29, and the transaction is expected to close shortly thereafter. In connection with the management buyout, SVB Securities will be rebranded Leerink Partners. The agreement for the management-led buyout was selected as the successful bid for SVB Securities following a competitive bidding process conducted under procedures approved by the U.S. Bankruptcy Court for the Southern District of New York. The agreement is subject to final approval of the Bankruptcy Court and regulatory approval, as well as other customary closing conditions. SVB Financial Group is continuing to evaluate strategic alternatives for SVB Capital and the Company's other assets and investments. "Our firm plays a critical role in the healthcare ecosystem, and this transaction will allow us to continue serving our clients across all corners of the healthcare industry. Our management team's significant capital investment, coupled with key backing we've received from The Baupost Group, is a testament to the long-standing reputation of our firm and our employees and the value of our services to our clients and the industry. I am excited to once again have the privilege to lead this exceptionally talented, dedicated, and passionate team of professionals," Jeff Leerink said.
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