(Bloomberg) — Silicon Valley Bank parent SVB Financial Group agreed to acquire MoffettNathanson, an equities-research firm known for its coverage of internet, media and communications companies.
The deal will allow SVB’s investment banking unit, SVB Leerink, “to expand its research coverage to include companies in both the healthcare and technology industries,” the firms said Monday in a statement. Terms weren’t disclosed.
SVB Leerink, led by Jeff Leerink, recently expanded into tech coverage, in part by hiring a group of senior bankers from UBS Group AG. The unit was formed through a merger of Leerink Partners and SVB in 2019. MoffettNathanson was founded in 2013 by research analysts Craig Moffett and Michael Nathanson.
Bloomberg reported last month that the firms were discussing a potential deal.
Read more: SVB’s Investment Bank Said to Be in Talks to Buy MoffettNathanson
“The addition of technology equity research is another important step in further solidifying our place as the essential partner to innovation economy clients,” SVB Chief Executive Officer Greg Becker said in the statement.
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