U.S. Bancorp (NYSE:USB) agreed to acquire financial services firm BTIG in a deal valued at as much as $1 billion, a strategic move by the fifth-largest U.S. bank to aggressively expand its footprint in investment banking and institutional trading.
The Minneapolis-based lender will pay an initial $725 million—comprising $362.5 million in cash and approximately 6.6 million shares of common stock—when the transaction closes, expected in the second quarter of 2026.
An additional $275 million in cash is available over the next three years, contingent on BTIG meeting specific performance targets.
The acquisition marks the culmination of a decade-long partnership between the two firms.
Since 2014, BTIG has served as U.S. Bancorp’s primary referral partner for equity capital markets, and the firms launched a joint M&A advisory program in 2023.
By bringing BTIG’s 700 employees and 20 global offices in-house, U.S. Bancorp aims to fill critical product gaps in its institutional suite, specifically in high-touch equity trading and prime brokerage.
“BTIG’s top talent and technology will position us for continued capital markets growth and deeper client relationships,” U.S. Bancorp CEO Gunjan Kedia said in a statement Tuesday.