U.S. Bancorp (NYSE:USB) announced today that it has entered into a definitive agreement to acquire BTIG, LLC, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage.

The definitive agreement between U.S. Bancorp and BTIG was signed on January 12, 2026, and the transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.

Targeted consideration for the transaction is up to $1 billion, with a target purchase price of $725 million ($362.5 million of cash and 6,600,594 shares of common stock) to be paid at closing. There is up to an additional $275 million of cash consideration payable over three years, subject to achievement of defined performance targets.

The transaction is expected to have negligible 2026 earnings per share impact and decrease U.S. Bancorp’s Common Equity Tier 1 Capital ratio by approximately 12 basis points at the time of closing. The transaction will have no impact to near-term capital return plans.

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

“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,” said BTIG CEO Anton LeRoy. “Our clients will continue to enjoy the same level of high-touch service and attention from our committed leadership team, while our employees will benefit from additional resources and new opportunities as part of a leading global financial institution.”

Founded in 2005, BTIG is among the top 10 U.S. brokers for high-touch equity volume executed and has been part of more than 1,275 announced investment banking transactions since 2015. With more than 700 employees, BTIG, LLC and its affiliates operate out of 20 cities throughout the U.S., Europe, Asia and Australia.

Following the transaction, the BTIG leadership team will join U.S. Bancorp and continue to lead the business going forward. LeRoy – a key architect of BTIG’s expansion since joining the firm in 2008 – will remain CEO of BTIG, reporting to Stephen Philipson, Vice Chair and Head of Wealth, Corporate, Commercial and Institutional Banking at U.S. Bancorp. BTIG Co-Founder and Executive Chairman Steven Starker will continue his current day-to-day role of engaging and interacting with BTIG’s largest institutional and corporate clients and driving business development across all departments.

U.S. Bancorp and BTIG have worked closely over the past decade. Since 2014, BTIG has been the company’s equity capital markets referral partner. In 2023, the two began an M&A advisory referral program. The partnership has resulted in many U.S. Bancorp clients experiencing the high-touch service and excellent execution for which BTIG is known.

“BTIG is a world-class firm with talented professionals who align with our unshakable commitment to lasting success and growth for clients,” said Philipson. “BTIG’s addition to U.S. Bancorp is 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. 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.”

“Today marks an exciting new chapter for BTIG,” said Starker. “Joining forces with U.S. Bancorp will allow us to accelerate our growth and further enhance client service. We are energized by the shared vision between our organizations and confident that our combined capabilities will deliver significant value and drive future success.”