U.S. Bancorp announced it will acquire BTIG, LLC, a global investment banking and capital‑markets firm, in a transaction valued at up to $1 billion in cash and stock.
The definitive agreement, signed on January 12 2026, sets a target purchase price of $725 million, consisting of $362.5 million in cash and 6,600,594 shares of U.S. Bancorp common stock. An additional $275 million will be paid over three years if BTIG meets specified performance targets.
The deal expands U.S. Bancorp’s capital‑markets capabilities by adding BTIG’s 700‑plus‑employee team, 20 global offices and a client base of more than 3,500 institutional and corporate customers. BTIG’s leadership, including CEO Anton LeRoy and co‑founder Steven Starker, will remain in place to guide the business within the U.S. Bancorp organization.
Financially, the transaction is expected to have a negligible impact on U.S. Bancorp’s earnings per share for 2026 and will reduce the bank’s Common Equity Tier 1 capital ratio by roughly 12 basis points at closing. The acquisition will not alter the bank’s near‑term capital return plans and is projected to add fee‑based revenue that aligns with the 21 % compound annual growth rate the capital‑markets segment has achieved from 2021 to 2024, which generated about $1.4 billion in revenue in the 12 months ending September 30 2025.
U.S. Bancorp’s assets stood at approximately $695 billion as of September 30 2025, and the capital‑markets business has become a key growth engine for the bank. By integrating BTIG’s expertise in institutional sales, trading, research and prime brokerage, U.S. Bancorp aims to deepen client relationships and broaden its product offering, positioning the bank to capture additional fee income in a competitive market.
CEO Gunjan Kedia said the acquisition would “position us for continued capital markets growth and deeper client relationships.” Vice Chair Stephen Philipson added that BTIG’s addition would allow the bank to offer a more comprehensive suite of capital‑markets services while giving BTIG clients access to U.S. Bancorp’s broader platform.
The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the second quarter of 2026.
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