U.S. Bancorp set to acquire BTIG in $1 billion deal  

U.S. Bancorp has entered a definitive agreement to acquire BTIG in a transaction valued at up to $1 billion. 

Gunjan Kedia

The new capabilities which U.S. Bancorp is set to benefit from include access to equity sales, trading and execution, prime brokerage, equity capital markets, equity derivatives, equity research, and M&A advisory, with BTIG’s leveraged finance and structured credit offerings set to be added to U.S. Bancorp’s existing products.

In its acquisition summary, 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 is expected to close in Q2 2026 and includes 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.

“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” said Gunjan Kedia, chief executive of U.S. Bancorp.

“This acquisition will enable both organisations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”

U.S. Bancorp has confirmed that there is a retention plan in place. So far, it has been established that Anton LeRoy, chief executive of BTIG will remain in his position, reporting to Stephen Philipson, vice chair and head of WCIB.

Additionally, Steven Starker, co-founder and executive chair of BTIG, will also remain in his client-facing role, engaging and interacting with BTIG’s largest institutional and corporate clients.

Read more – Fireside Friday with… BTIG’s Stephen Ponzio

Philipson described the acquisition as a “strategic move to fill key product gaps for our corporate and institutional clients, enabling us to offer a more comprehensive suite of capital markets services.”

He added: “BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients […] At the same time, BTIG clients will gain access to U.S. Bancorp’s robust financial platform and extensive product set, including investment services, asset management, wealth management and payments.”

The two firms have a long-standing partnership, with U.S. Bancorp clients having already benefitted from BTIG’s high-touch service and execution capabilities through the equity capital markets referral programme since 2014 and M&A advisory referral programme launched in 2023.

The acquisition is subject to regulatory approvals from international regulators, and FINRA.