U.S. Bancorp to acquire BTIG for up to $1B; deal expected to close Q2 2026

US BANCORP DE

Target consideration up to $1B: $362.5M cash + 6,600,594 shares of common stock at close, plus up to $275M contingent cash over 3 years.
Acquisition bolsters institutional equity sales & trading, equity capital markets, M&A advisory, and electronic trading.
BTIG CEO Anton LeRoy and Executive Chairman Steven Starker to continue leading the business post-close.
Transaction to have negligible 2026 EPS impact; reduces CET1 ratio by ~12 bps with no impact to near-term capital return.
Expected to close in Q2 2026, subject to regulatory approvals; BTIG has ~700 employees and operates from 20 cities globally.

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