U.S. Bancorp Aims to Grow Capital Markets Business With BTIG Acquisition

U.S. Bancorp plans to accelerate the growth of its capital markets business by acquiring BTIG.

The planned acquisition of BTIG, a financial services firm specializing in investment banking, institutional sales and trading, research and prime brokerage, will give U.S. Bancorp new capabilities in these fields, U.S. Bancorp said in a Tuesday (Jan. 13) press release.

The companies signed a definitive agreement for the acquisition Monday (Jan. 12) and expect the transaction to close during the second quarter, subject to regulatory approvals and closing conditions, according to the release.

The target purchase price is $725 million, and there is additional cash consideration of up to $275 million payable over three years, subject to the achievement of performance targets, the release said.

U.S. Bancorp and BTIG have worked together over the past decade, with BTIG becoming U.S. Bancorp’s equity capital markets referral partner in 2014 and the two companies beginning a mergers and acquisition (M&A) advisory referral program in 2023, per the release.

“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 the release. “This acquisition will enable both organizations to deliver greater value, innovation and efficiency to the companies and institutions we serve.”

Following the acquisition, the BTIG leadership team will join U.S. Bancorp and continue to lead the business, according to the release. BTIG CEO Anton LeRoy, who joined the firm in 2008 and played a key role in its expansion, will remain CEO of BTIG. BTIG Co-founder and Executive Chairman Steven Starker will continue to engage and interact with BTIG’s largest clients and drive business development.

“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,” LeRoy said in the release.

BTIG has more than 3,500 institutional and corporate clients around the world, according to the firm’s website. It also has more than 700 employees and 20 locations across the United States, Europe, Asia and Australia.

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