Court approves SVB Financial’s sale of investment bank.

A U.S. bankruptcy judge has given the green light for SVB Financial Group, the owner of bankrupt Silicon Valley Bank, to sell its investment banking business to the division’s founder.

Buyers for the business include a group led by the unit’s founder and former CEO, Jeff Leerink, with backing from funds managed by the Baupost Group.

The deal includes an equity financing of up to $100 million from Baupost, along with a $30 million financing commitment from Leerink’s team, as stated in a court filing.

SVB Financial previously owned Silicon Valley Bank before it was taken over by the U.S. Federal Deposit Insurance Corporation in March. The company is now attempting to sell its remaining assets in bankruptcy.

U.S. Bankruptcy Judge Martin Glenn in Manhattan had previously stated that he would allow SVB Financial to sell the division, but only after the company ensured that it would not release any liabilities related to the collapse of Silicon Valley Bank.

After the company officials added some restrictions to the legal releases, Glenn signed an order on Wednesday.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru and Dietrich Knauth in New York; Editing by Sriraj Kalluvila)

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