U.S. Bancorp has entered a definitive agreement to acquire BTIG, LLC for $1 billion in a stock and cash transaction expected to close in the second quarter, subject to regulatory approvals.
The acquisition of BTIG will enhance U.S. Bancorp's capital markets capabilities, with a focus on investment banking, institutional sales and trading, research, and prime brokerage services.
Deal Terms
U.S. Bancorp will pay $725 million at close, consisting of $362.5 million in cash and approximately 6.6 million shares, with an additional cash consideration of up to $275 million over three years based on performance targets.
Leadership Structure
BTIG's senior leadership team will join U.S. Bancorp, with Anton LeRoy remaining as CEO and reporting to Stephen Philipson, vice chair at U.S. Bancorp.
Financial Impact
The transaction is expected to have minimal impact on U.S. Bancorp's earnings per share this year and reduce the Common Equity Tier 1 capital ratio by approximately 12 basis points at closing.
- The acquisition of BTIG is aimed at accelerating U.S. Bancorp's capital markets momentum and expanding its product offerings to institutional clients.
- U.S. Bancorp's capital markets business, with revenues of around $1.4 billion for the 12 months ended September 30, 2025, is expected to benefit significantly from this strategic move.
U.S. Bancorp's acquisition of BTIG marks a strategic step towards strengthening its capital markets positioning and expanding its service offerings to institutional clients. The deal is anticipated to bolster U.S. Bancorp's revenue growth trajectory and enhance its competitive edge in the financial market landscape.