Tuesday, Bullish (BLSH) announced a definitive agreement to acquire Equiniti, a global transfer agent and provider of mission-critical shareholder services, for $4.2 billion.
The total consideration comprises $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration.
The transaction is expected to create the first fully integrated blockchain-enabled, blue-chip issuer services provider, unifying a regulated transfer agent with end-to-end tokenization infrastructure.
Moreover, the companies are expected to generate approximately $1.3 billion in adjusted total revenue and about more than $500 million in adjusted EBITDA less Capex for 2026E on a pro forma combined basis.
Additionally, Bullish expects to realize 6-8 percent annual revenue growth from 2027E to 2029E and greater than $100 million in annual EBITDA less Capex growth.
Following the closing of the transaction, expected in January 2027, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk, with CEO Dan Kramer and the Equiniti leadership team taking responsibility for day-to-day operations, regulatory obligations and client relationships. Siris will receive two board seats as part of the transaction.
Notably, the deal includes a call option for Siris to acquire non-core Equiniti business lines.
In the pre-market hours, BLSH is falling 5.09 percent, to $38.60 on the New York Stock Exchange.
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