U.S. Bancorp has officially completed the acquisition of BTIG, effective as of today, 1 June.
Gunjan Kedia
The acquisition was subject to regulatory approvals from international regulators, and FINRA, but is now finalised. It has been confirmed that BTIG will continue to operate as a separate broker-dealer within U.S. Bancorp.
Gunjan Kedia, chair of the board and chief executive of U.S. Bancorp, said: “Today, we welcome the talented BTIG team to U.S. Bancorp. Our teams are energised to get started and begin working together, combining deep market expertise with the strength of our broader franchise to create more opportunities for the firms and institutions we serve.”
In its acquisition summary when the deal was initially announced, U.S. Bancorp highlighted in particular BTIG’s “expert, multi -asset class, equity-focused sales and trading professionals throughout the US and in Europe, Asia, and Australia, and advanced electronic trading.”
The deal included a targeted purchase price of $725 million, comprising $362.5 million in cash and 6,600,594 shares of USB common stock at closing, with up to $275 million in additional cash payable over three years, contingent on performance targets.
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“Joining U.S. Bancorp marks an important next chapter for BTIG and our clients,” said Anton LeRoy, chief executive, BTIG.
“We share a strong cultural alignment and long history of collaboration. This combination allows us to deepen client relationships while continuing to deliver the high-touch service our clients expect, supported by the scale and resources of a larger, diversified financial institution.”
LeRoy is set to remain chief executive of BTIG, reporting to Stephen Philipson, vice chair and head of wealth, corporate, commercial and institutional banking at U.S. Bancorp.
In addition, BTIG’s co-founder and executive chair, Steven Starker, will report to LeRoy and “continue his current day-to-day role of engaging and interacting with BTIG’s largest institutional and corporate clients and driving business development across all departments”.