Scaramucci’s SkyBridge Capital vies for acquisition of Silicon Valley Bank’s venture capital division

Scaramucci's SkyBridge Capital vies for acquisition of Silicon Valley Bank's venture capital division

SkyBridge Financial resources and Atlas Merchant Financial resources Compete for SVB Capital

SkyBridge Financial resources, led by Anthony Scaramucci, and Atlas Merchant Financial resources are both vying for SVB Financial resources, the deal financial resources and credit-investment arm of SVB Financial Group. Vector Financial resources is likewise in the running to acquire the credit investment firm. A decision on the winning bidder is expected to be made soon.

Probable Deal Could Fetch $250 Million to $500 Million

The  capacity deal for SVB Financial resources, as of now undergoing bankruptcy proceedings, could have a value ranging from $250 Million to $500 Million. Nonetheless, it is worth mentioning that the transaction is not guaranteed and must still undergo review by the creditors’ committee.

The Fall of Silicon Valley Bank

Silicon Valley Bank, a trending lender to tech and growth startups in Silicon Valley, failed on March 10 and came under the control of the Federal Deposit Insurance Corporation (FDIC). Following that, SVB Financial Group filed for Chapter 11 protection, allowing the sale of its assets. First Citizens Bancshares acquired a lot of Silicon Valley Bank’s loans and deposits.

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About SkyBridge Capital

SkyBridge Financial resources manages a portfolio exceeding $1.8 billion, with whole lot of investments in digital assets totaling approximately $580 Million. Anthony Scaramucci leads the firm. Scaramucci gained notoriety in 2017 when he was removed as communications director for then-President Donald Trump after just 10 days.

Other Competitors: Vector Financial resources and Atlas Merchant Capital

Vector Financial resources specializes in middle-market technology and technology-enabled enterprises. On the other hand, Atlas Merchant Financial resources operates in New York and London, offering investment strategies in public and private markets.

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Hot Take: Banking Crises and FDIC Challenges

The collapse of Silicon Valley Bank comes after the recent collapse of crypto-friendly bank Silvergate. Silvergate, heavily impacted by the fall of FTX, had to sell debt securities at a loss to cover user withdrawals. The FDIC is as of now wrestling with $13 Billion worth of hard-to-sell mortgage bonds from Silicon Valley Bank and Signature Bank, which were taken over by the FDIC.

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