U.S. Bancorp has announced that it has entered into a definitive agreement to acquire BTIG, aiming to further advance its operations.
Acquiring BTIG, a financial services company focusing on investment banking, institutional sales and trading, research, and prime brokerage, will provide U.S. Bancorp with the company’s talent, capabilities, and technology and position it for continued capital markets growth and improved client relationships.
Adding to this, U.S. Bancorp CEO Gunjan Kedia mentioned that the deal will enable both companies to offer more value, innovation, and efficiency to the institutions and organisations they provide services to.
The decision to acquire BTIG follows extensive collaboration between the two companies. As of 2014, BTIG has been U.S. Bancorp’s equity capital markets referral partner. Fast forward to 2023, and the two organisations started an M&A advisory referral programme. Working together has led to U.S. Bancorp clients experiencing the capabilities provided by BTIG.
After the acquisition, the BTIG leadership team is set to join U.S. Bancorp and support the business moving forward. BTIG CEO Anton LeRoy underlined that clients will continue to benefit from the same services from the leadership team. When it comes to employees, they will receive additional resources and new opportunities by being part of U.S. Bancorp.
Talking about the deal, BTIG Co-Founder and Executive Chairman Steven Starker also said that the transaction will enable the company to accelerate its growth and further optimise its client service. Additionally, the two companies share a commitment to delivering value and facilitating success to the institutions and organisations they serve.
Timeline and consideration
With the definitive agreement signed on 12 January 2026, the deal between U.S. Bancorp and BTIG is set to close in the second quarter of 2026, still subject to regulatory approvals and satisfaction of applicable closing conditions.
The targeted consideration for the acquisition is up to USD 1 billion, while the target purchase price of USD 725 million (USD 362.5 million of cash and 6,600,594 shares of common stock) is to be paid at closing. Also, there is up to an additional USD 275 million of cash consideration payable over three years, based on the achievement of defined performance targets.
