U.S. Bancorp is acquiring BTIG, a firm that specializes in investment banking, institutional sales and trading, research and prime brokerage in a deal worth up to $1 billion.
BTIG, founded in 2005, is a top 10 U.S. broker, executing more than 1,275 announced investment banking transactions since 2015.
“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” U.S. Bancorp CEO Gunjan Kedia said. “This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”
The purchase price is approximately $725 million, including $362.5 million of cash and 6,600,594 shares of common stock to be paid at closing. Further, there is up to an additional $275 million of cash consideration payable over three years, subject to achievement of defined performance targets.
“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,” BTIG CEO Anton LeRoy said. “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.”
After the transaction closes, the BTIG leadership team will join U.S. Bancorp and continue to lead the business going forward. LeRoy will remain CEO of BTIG, reporting to Stephen Philipson, vice chair and head of wealth, corporate, commercial and institutional banking at U.S. Bancorp. Also, BTIG co-founder and executive chairman Steven Starker will continue his current day-to-day role.
Since 2014, BTIG has been the company’s equity capital markets referral partner. In 2023, the two began an M&A advisory referral program.
“BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients,” Philipson said. “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.”
BTIG has more than 700 employees and operates out of 20 cities throughout the U.S., Europe, Asia and Australia.
“Today marks an exciting new chapter for BTIG,” Starker said. “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 close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.
BTIG, Goldman Sachs, and Sheumack GMA are serving as financial advisors for BTIG. Kirkland & Ellis is serving as BTIG’s legal advisor, and Sullivan & Cromwell is serving as legal advisor for U.S. Bancorp.