US Bancorp is set to acquire trading, research and prime brokerage firm BTIG for up to US$1 billion.
The transaction is expected to close in Q2 2026, with US Bancorp targeting a US$725 million acquisition made up of US$362.5 million in cash and 6,600,594 shares of common stock.
A further US$275 million in cash may be paid over the next three years if defined performance targets are met.
The transaction is expected to reduce US Bancorp’s common equity tier 1 capital ratio by 12 basis points upon closing. There is not expected to be a significant impact on the firm’s 2026 earnings per share. US Bancorp reported US$7.3 billion in net revenues in Q3 2025.
BTIG reported US$1.4 billion in revenue for the 12 months to September 2025. Last year, the firm reported a number of new hires including Ian Power as head of EMEA outsourced trading and George Wales as an equity sales trader.
READ MORE: Wales swaps Numis for BTIG
The two companies have worked together since 2014, when BTIG was selected as US Bancorp’s equity capital markets referral partner. This was expanded to cover merger and acquisition advisory referrals in 2023.
BTIG leadership will transfer to US Bancorp and continue to lead the business.
Anton LeRoy, BTIG CEO, will retain his position and report to Stephen Philipson, vice chair and head of wealth, corporate, commercial and institutional banking at US Bancorp. Co-founder and executive chairman Steven Starker will continue to work with the firm’s institutional and corporate clients.
