Justin Sullivan
SkyBridge Capital, Atlas Merchant Capital and Vector Capital are no longer moving forward in a process to bid for SVB Capital, the venture-capital unit of bankrupt SVB Financial, the ex-parent of Silicon Valley Bank, according to a Friday media report.
If new bidders don’t appear to acquire the roughly $10B business, then it could be up for grabs by creditors, including Pacific Investment Management Co. and Davidson Kempner Capital Management, when the bankruptcy process ends, people familiar with the matter told the Wall Street Journal.
SVB filed for Chapter 11 bankruptcy and was taken over by regulators in March in what marked the biggest bank failure since the 2008 financial crisis. It has already offloaded its investment banking arm, SVB Securities, for $100M in July.
SVB Capital was expected to fetch up to $500M, the Journal said.
