BY Richard Summerfield
Trading, research and prime brokerage firm BTIG is to be sold to U.S. Bancorp in a $1bn cash and stock deal. The acquisition will see U.S. Bancorp pay $725m in cash and stock upfront, plus up to an additional $275m in cash over three years, contingent on meeting performance targets.
The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.
“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 organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”
“With a long history of successful collaboration, we are thrilled to join U.S. Bancorp as a means of increasing our collective impact with institutional and corporate clients,” said Anton LeRoy, chief executive of BTIG. “Our clients will continue to enjoy the same level of high-touch service and attention from our committed leadership team, while our employees will benefit from additional resources and new opportunities as part of a leading global financial institution.”
“BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients,” said Stephen Philipson, vice chair and head of wealth, corporate, commercial and institutional banking at U.S. Bancorp. “BTIG’s addition to U.S. Bancorp is 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. 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.”
“Today marks an exciting new chapter for BTIG,” said Steven Starker, co-founder and executive chairman of BTIG. “Joining forces with U.S. Bancorp will allow us to accelerate our growth and further enhance client service. We are energized by the shared vision between our organizations and confident that our combined capabilities will deliver significant value and drive future success.”
The transaction is expected to have negligible 2026 earnings per share impact and decrease U.S. Bancorp’s Common Equity tier one capital ratio by approximately 12 basis points at the time of closing. The transaction will have no impact on near-term capital return plans.
Founded in 2005, BTIG is among the top 10 US brokers for high-touch equity volume executed and has been part of more than 1275 announced investment banking transactions since 2015. With more than 700 employees, BTIG and its affiliates operate in 20 cities throughout the US, Europe, Asia and Australia.
Following the transaction, the BTIG leadership team will join U.S. Bancorp and continue to lead the business going forward. Mr LeRoy will remain chief executive of BTIG, reporting to Mr Philipson. Mr Starker will 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.
News: U.S. Bancorp deepens capital markets presence with up to $1 billion BTIG buy