U.S. Bank will acquire financial services firm BTIG in a deal worth up to $1 billion that’s set to close by the second quarter of 2026, the Minneapolis-based lender announced Tuesday.
The $1 billion figure accounts for a target purchase price of $725 million – split evenly between $362.5 million in cash and slightly more than 6.6 million shares of common stock. The remaining $275 million is a cash consideration that depends on meeting certain performance targets and is payable over three years.
“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” U.S. Bank CEO Gunjan Kedia said in a statement Tuesday.
U.S. Bank’s capital markets business has raked in roughly $1.4 billion in revenue in fiscal 2025, and a compound annual growth rate of 21% between 2021 and 2024.
“This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve,” Kedia said.
BTIG has served as U.S. Bank’s equity capital markets referral partner since 2014. The firms launched a mergers-and-acquisitions advisory referral program in 2023.
“With a long history of successful collaboration, we are thrilled to join U.S. Bancorp as a means of increasing our collective impact with institutional and corporate clients,” BTIG CEO Anton LeRoy said in a statement Tuesday. “Our clients will continue to enjoy the same level of high-touch service and attention from our committed leadership team.”
LeRoy will remain as BTIG’s CEO but report to Stephen Philipson, U.S. Bank’s vice chair and head of wealth, corporate, commercial and institutional banking.
Philipson said the combination will “fill key product gaps for our corporate and institutional clients, enabling us to offer a more comprehensive suite of capital markets services.”
“At the same time, BTIG clients will gain access to U.S. Bancorp’s robust financial platform and extensive product set, including investment services, asset management, wealth management and payments,” Philipson said.
BTIG’s executive chair, Steven Starker, will continue his day-to-day role of engaging and interacting with the firm’s largest institutional and corporate clients and driving business development, the companies said.
In a statement, Starker said he is “energized by the shared vision between our organizations and confident that our combined capabilities will deliver significant value and drive future success.”
The transaction is expected to have negligible impact on 2026 earnings per share, U.S. Bank said, adding that the tie-up would push the lender’s common equity tier 1 capital ratio down by about 12 basis points at closing.
Piper Sandler analyst Scott Siefers called the deal “a small transaction, but one that adds several important capabilities to USB’s growing capital markets aspirations,” according to a note seen Tuesday by Banking Dive.
U.S. Bank is hardly the first major American lender in recent months to lean on the billion-dollar acquisition of a financial services firm to bolster its capabilities. Goldman Sachs said in December it would buy Innovator Capital Management for $2 billion to expand the bank’s exchange-traded fund offering and future product roadmap.
