US Bancorp, the parent company of US Bank, has signed a definitive agreement to acquire California-based financial services firm BTIG in a deal valued at up to $1 billion.
The deal includes a target purchase price of $725 million, comprising $362.5 million in cash and 6,600,594 shares of common stock, which will be paid at closing, anticipated in Q2 2026. An additional $275 million in cash may then be paid over three years contingent on the achievement of defined performance targets.
Founded in 2005, BTIG specialises in institutional trading, investment banking, research, and related brokerage services across a range of asset classes, including currencies, commodities, equities, equity derivatives, fixed income, and ETFs. The firm claims to have been involved in over 1,275 investment banking transactions since 2015.
US Bancorp and BTIG have maintained a working relationship since 2014, with BTIG serving as the bank’s equity capital markets referral partner. In 2023, the pair expanded their collaboration by launching an M&A advisory referral programme.
Following the acquisition, BTIG’s leadership team, including CEO Anton LeRoy, will join US Bancorp and continue to lead the business. They will report to Stephen Philipson, vice chair and head of wealth, corporate, commercial, and institutional banking at US Bancorp.
Philipson states that the acquisition of BTIG represents a “strategic move to fill key product gaps for our corporate and institutional clients, enabling us to offer a more comprehensive suite of capital markets services”. These new capabilities include equity electronic trading, M&A advisory services, and institutional equity sales and trading.
Source: https://www.fintechfutures.com/m-a/us-bancorp-acquires-btig
