U.S. Bancorp to Acquire BTIG, Expanding Institutional Capital Markets
U.S. Bancorp announced a definitive agreement to acquire BTIG, expanding its capital-markets capabilities with BTIG’s institutional trading, investment banking, research and prime brokerage. The deal is valued at up to $1 billion, with about $725 million in base consideration ($362.5 million cash and 6.6 million U.S. Bancorp shares) and up to $275 million in additional cash over three years, and is expected to close in Q2 2026 subject to regulatory approvals. BTIG leadership will remain in place; the transaction is expected to have negligible 2026 EPS impact and a roughly 12 basis point decrease in the CET1 capital ratio, with no near-term change to capital returns.