U.S. Bancorp is expanding its capital markets program by acquiring global financial services firm BTIG LLC for up to $1 billion..The deal is expected to close in the second quarter of this year, according to Minneapolis-based U.S. Bancorp. BTIG focuses on investment banking, institutional sales and trading, research and prime brokerage. Founded in 2005, the company employs more than 700 people and operates in 20 cities across the United States, Europe, Asia and Australia.U.S. Bancorp said the acquisition builds on a long-standing partnership between the two firms, which have worked together for more than a decade on equity capital markets and M&A advisory referrals. U.S. Bancorp’s capital markets business has grown rapidly in recent years and generated approximately $1.4 billion in revenue in the 12 months that ended Sept. 30.Following the acquisition, BTIG will continue to operate under its existing leadership. BTIG Co-Founder Steven Starker said the acquisition “will allow us to accelerate our growth and enhance client service. We are energized by the shared vision between our organizations and confident our combined capabilities will deliver significant value and drive future success.”
