U.S. Bancorp announced Jan. 13 that it has entered into a definitive agreement to acquire , LLC, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage, the company reported.
Founded in 2005, BTIG is among the top 10 U.S. brokers for high-touch equity volume executed and has been part of more than 1,275 announced investment banking transactions since 2015. With more than 700 employees, BTIG, LLC and its affiliates operate out of 20 cities throughout the U.S., Europe, Asia and Australia.
Following the transaction, the BTIG leadership team will join U.S. Bancorp and continue to lead the business going forward. LeRoy – a key architect of BTIG’s expansion since joining the firm in 2008 – will remain CEO of BTIG, reporting to Stephen Philipson, vice chair and head of Wealth, Corporate, Commercial and Institutional Banking at U.S. Bancorp. BTIG Co-Founder and Executive Chairman Steven Starker will continue his current day-to-day role of engaging and interacting with BTIG’s largest institutional and corporate clients and driving business development across all departments.
U.S. Bancorp has strategically built a robust capital markets business that has become an important driver of revenue growth. Today, U.S. Bancorp – which serves nearly 90% of the Fortune 1000 – ranks among the top companies in the investment grade bond and syndicated loan markets. The company also has well-established interest rate derivatives and foreign exchange capabilities. In recent years, the capital markets business has expanded into commodities, structured credit and subscription finance. This focus has translated into a capital markets business with approximately $1.4 billion in revenue in the 12 months prior to September 30, 2025, and a compound annual growth rate of 21 percent between 2021 and 2024.
U.S. Bancorp and BTIG have worked closely over the past decade. Since 2014, BTIG has been the company’s equity capital markets referral partner. In 2023, the two began an M&A advisory referral program. The partnership has resulted in many U.S. Bancorp clients experiencing the high-touch service and excellent execution for which BTIG is known.
Transaction details
The definitive agreement between U.S. Bancorp and BTIG was signed on January 12, 2026, and the transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions. Targeted consideration for the transaction is up to $1 billion, with a target purchase price of $725 million ($362.5 million of cash and 6,600,594 shares of common stock) to be paid at closing. There is up to an additional $275 million of cash consideration payable over three years, subject to achievement of defined performance targets.
The transaction is expected to have negligible 2026 earnings per share impact and decrease U.S. Bancorp’s Common Equity Tier 1 Capital ratio by approximately 12 basis points at the time of closing. The transaction will have no impact to near-term capital return plans. Additional information on the transaction is available on U.S. Bancorp’s Investor Relations site at .
BTIG, Goldman Sachs & Co. LLC, and Sheumack GMA are serving as financial advisors for BTIG. Kirkland & Ellis LLP is serving as BTIG’s legal advisor, and Sullivan & Cromwell LLP is serving as legal advisor for U.S. Bancorp.
