U.S. Bancorp (NYSE:USB) entered into a definitive agreement to acquire BTIG, LLC from Condor Trading LP for $1 billion on January 12, 2026. The consideration consists of payment of $725 million ($362.5 million of cash and 6,600,594 shares of common stock) to be paid at closing and additional $275 million of cash consideration payable over three years, subject to achievement of defined performance targets.

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 department.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.

Goldman Sachs & Co. LLC and Sheumack & Co. GMA, LLC acted as financial advisor for BTIG, LLC. Rachael G. Coffey, Christopher M. Gandia, Peter Martelli, Jimin He and Christian O. Nagler of Kirkland & Ellis LLP acted as legal advisor for BTIG, LLC. Mitch Eitel, Jared Fishman, George Shen, Charlotte Lindsay, Sarah Remmer Long, Julia Khomenko, Andrea Steiner, Mehdi Ansari, Kelvin Kim, Jameson Lloyd, Zachary Hayworth, Frederick Wertheim, Colin Lloyd and Tracey Russell of Sullivan & Cromwell LLP acted as legal advisor for U.S. Bancorp.

U.S. Bancorp (NYSE:USB)completed the acquisition of BTIG, LLC from Condor Trading LP on June 1, 2026. BTIG will continue to operate as a separate broker-dealer within U.S. Bancorp.