US Bancorp Announces Acquisition of BTIG
Minneapolis – US Bancorp (NYSE: USB) has confirmed a definitive acquisition agreement with BTIG LLC, a financial services firm focused on investment banking, institutional sales, trading, research, and prime brokerage.
Gunjan Kedia, the CEO of US Bancorp, remarked that “BTIG’s exceptional talent, capabilities, and technology will drive our growth in capital markets and enhance our relationships with customers.” He added that this acquisition aims to bring more value, innovation, and efficiency to the clients they serve.
BTIG’s CEO, Anton LeRoy, expressed excitement about the merger, highlighting their long-standing partnership. He mentioned that they look forward to increasing their impact on institutional and commercial clients, assuring continued personalized service while providing employees new opportunities within a leading financial institution.
Founded in 2005, BTIG stands among the top 10 U.S. brokers for high-touch equity execution and has been involved in over 1,275 publicly disclosed investment banking transactions since 2015. The firm employs more than 700 individuals across 20 cities worldwide, including locations in the U.S., Europe, Asia, and Australia.
After the deal is finalized, BTIG’s leadership will remain intact, with LeRoy continuing as CEO, reporting to Stephen Phillipson, vice chairman at US Bancorp. Stephen Starker, co-founder and executive chairman of BTIG, will maintain his role focusing on key institutional and corporate clients.
US Bancorp has developed a sturdy capital markets operation that significantly contributes to its revenue. The firm serves nearly 90% of Fortune 1000 companies and ranks well in investment-grade debt and syndicated loan markets. Additionally, its capital markets business has broadened to include commodities and structured credit, generating around $1.4 billion in revenue for the year ending September 30, 2025. The business experienced a compound annual growth rate of 21 percent from 2021 to 2024.
The two companies have collaborated closely for the past decade. BTIG has served as US Bancorp’s equity capital markets introduction partner since 2014, and in 2023, they launched an M&A advisory referral program, enabling US Bancorp clients to benefit from BTIG’s valuable services.
Phillipson remarked, “BTIG is a world-class company with talented professionals committed to our customers’ success.” He noted that merging with BTIG strategically fills a critical gap for corporate and institutional clients, providing access to a broader suite of financial services.
Starker shared an enthusiasm for this new partnership, stating it will accelerate growth and improve customer service, echoing confidence in their combined strengths.
Transaction Details
The acquisition agreement was finalized on January 12th, 2026, and is anticipated to close in the second quarter of 2026, pending regulatory approvals. The projected total consideration is up to $1 billion, with an initial target purchase price of $725 million, which includes $362.5 million in cash and shares of common stock. An additional cash consideration of up to $275 million over three years will be contingent on certain performance targets.
The deal is expected to have a minimal effect on 2026 earnings per share and a slight reduction of approximately 12 basis points on US Bancorp’s common equity Tier 1 capital ratio at closing. It won’t alter short-term capital return strategies.
BTIG, along with Goldman Sachs & Co. LLC and Sheumack GMA, are serving as financial advisors, while Kirkland & Ellis LLP is the legal advisor to BTIG and Sullivan & Cromwell LLP is the legal advisor to US Bancorp.
Forward-looking Statements
This release contains forward-looking statements regarding US Bancorp and its acquisition of BTIG. These reflections, based on current beliefs and assumptions, include future expectations about revenues, expenses, and stock prices. Such statements typically use words like “expects,” “anticipates,” or other similar phrases.
Forward-looking statements are subject to risks that could result in significant disparities between expected and actual outcomes. These include potential delays in realizing benefits from the acquisition, disruptions to business, necessary regulatory approvals, and the challenges in completing the merger.
For further details on risks associated with these forward-looking statements, refer to the “Risk Factors” section in US Bancorp’s Form 10-K for the year ended December 31, 2024. Readers should be aware that these stated risks may not encompass all potential issues.
Contact Information
Media: Todd Deutsch
todd.deutsch@usbank.com
Investor: George Andersen
george.andersen@usbank.com
About US Bancorp
As of September 30, 2025, US Bancorp employs around 70,000 people and has $695 billion in assets. Based in Minneapolis, the company provides a wide range of services, including consumer and business banking, commercial banking, and wealth management. US Bancorp has been recognized for its customer service and digital innovation.
About BTIG
BTIG is a global financial services firm renowned for institutional trading and investment banking. With locations worldwide, BTIG specializes in executing trades and providing insights across various financial products.
