Boston Private shareholders approve sale to SVB Financial

Shareholders of Boston Private Financial Holdings have approved the company's pending sale to SVB Financial Group in Santa Clara, California.

The $10.5 billion-asset Boston Private said in a press release Tueday that it secured enough votes to move ahead with the $900 million sale to the $142 billion-asset SVB. The company did not report the results, though it needed approval, under Massachusetts law, from two-thirds of its outstanding shares to proceed.

Boston Private initially planned to hold the vote in late April but was forced to delay it in order to collect more approvals.

HoldCo Asset Management, a New York investor that owns about 4.9% of Boston Private’s shares, had opposed the deal, arguing that the seller failed to consider other potential buyers and did not attract an acceptable price.

The preliminary voting results are subject to certification by First Coast Results, an independent inspector of the election.

The merger, which still needs regulatory approval, is expected to close in mid-2021.