U.S. Bancorp to buy advisory firm BTIG for up to $1 billion

U.S. Bancorp in Minneapolis has agreed to buy BTIG, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage.

U.S. Bancorp said it will pay up to $725 million in cash and stock for BTIG, with up to $275 million in cash incentives in play over three years. The deal is expected to close in the second quarter.

“BTIG’s top talent, capabilities and technology will position us for continued capital markets growth and deeper client relationships,” U.S. Bancorp CEO Gunjan Kedia said in a press release. “This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”

Anton LeRoy will remain BTIG CEO.

BTIG has been U.S. Bancorp’s equity capital markets referral partner since 2014. The parties began an M&A advisory referral program in 2023.

The transaction is expected to have a negligible 2026 earnings per share impact and decrease U.S. Bancorp’s common equity Tier 1 capital ratio by about 12 basis points at closing.

BTIG, Goldman Sachs, Sheumack GMA and Kirkland & Ellis advised BTIG. Sullivan & Cromwell advised U.S. Bancorp.