U.S. Bancorp announced it has signed a definitive agreement to acquire BTIG, a privately held investment bank and brokerage firm, in a bolt-on transaction designed to broaden U.S. Bank’s markets-based capabilities and deepen support for institutional and corporate clients.
The acquisition adds new lines of business that U.S. Bancorp said will help accelerate the momentum of its growing capital markets platform, including institutional equity sales and trading, equity capital markets, electronic equity trading, and M&A advisory. U.S. Bancorp said BTIG’s talent, technology and product set will help fill key gaps for clients seeking a more comprehensive suite of services across debt and equity markets.
BTIG, founded in 2005, provides investment banking, institutional sales and trading, research and prime brokerage. The firm has more than 700 employees and operates in 20 cities across the U.S., Europe, Asia and Australia. U.S. Bancorp said BTIG ranks among the top 10 U.S. brokers for high-touch equity volume executed and has participated in more than 1,275 announced investment banking transactions since 2015.
U.S. Bancorp has been building out its capital markets franchise for years and said it now serves nearly 90% of the Fortune 1000 and ranks among leading players in investment grade bonds and syndicated loans, with established interest rate derivatives and foreign exchange businesses. The company said the platform has expanded into areas such as commodities, structured credit and subscription finance, generating about $1.4 billion in capital markets revenue in the 12 months ended Sept. 30, 2025, and delivering a 21% compound annual growth rate from 2021 through 2024.
The two firms have also worked closely for more than a decade. BTIG has served as U.S. Bancorp’s equity capital markets referral partner since 2014, and the firms launched an M&A advisory referral program in 2023, U.S. Bancorp said.
Following the closing, BTIG’s leadership team is expected to join U.S. Bancorp and continue to run the business. BTIG CEO Anton LeRoy will remain in that role and report to Stephen Philipson, U.S. Bancorp’s vice chair and head of wealth, corporate, commercial and institutional banking. BTIG co-founder and executive chairman Steven Starker will continue his day-to-day client engagement and business development responsibilities, the companies said.
Under the terms, U.S. Bancorp expects to pay a targeted consideration of up to $1 billion. The target purchase price is $725 million at closing, consisting of $362.5 million in cash and 6,600,594 shares of U.S. Bancorp common stock. An additional $275 million of cash consideration may be paid over three years, subject to performance targets.
U.S. Bancorp said the deal is expected to have a negligible impact on 2026 earnings per share and reduce its Common Equity Tier 1 capital ratio by about 12 basis points at closing, with no change to near-term capital return plans.
The agreement was signed Jan. 12, 2026, and the companies expect the transaction to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions.
Support: BTIG, Goldman Sachs & Co. and Sheumack GMA are serving as BTIG’s financial advisers. And Kirkland & Ellis is serving as BTIG’s legal adviser, and Sullivan & Cromwell is serving as legal adviser for U.S. Bancorp.
KEY QUOTES:
“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships. This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”
Gunjan Kedia, CEO, U.S. Bancorp
“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. 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.”
Anton LeRoy, CEO, BTIG
“BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients. 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.”
Stephen Philipson, Vice Chair and Head of Wealth, Corporate, Commercial and Institutional Banking, U.S. Bancorp
“Today marks an exciting new chapter for 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.”
Steven Starker, Co-Founder and Executive Chairman, BTIG
