Overview
- Bullish, which announced the deal Tuesday, agreed to acquire Equiniti for $4.2 billion made up of $1.85 billion of assumed debt and $2.35 billion in stock priced at $38.48.
- The companies target a January 2027 close pending regulatory approvals, with Equiniti CEO Dan Kramer retaining day-to-day control and seller Siris Capital gaining two Bullish board seats.
- Equiniti brings the core transfer-agent function that public companies require, maintaining shareholder records for roughly 3,000 issuers, supporting over 20 million investors, and processing about $500 billion in payments each year.
- The combined platform plans end-to-end tokenization services that include 24/7 trading and stablecoin-based settlement while connecting to existing rails such as DTCC, Euroclear, and Clearstream.
- Shares of Bullish jumped as much as 17% after the news, and management projects about $1.3 billion in 2026 adjusted revenue and more than $500 million in adjusted EBITDA less capex.