-- Bullish (BLSH) on Tuesday agreed to acquire transfer agent Equiniti from private equity firm Siris in an all-stock deal worth about $4.2 billion as the digital asset platform aims to build infrastructure for tokenized securities.
The transaction comprises $1.85 billion of Equiniti's debt and about $2.35 billion in Bullish shares, priced at $38.48 apiece, the crypto exchange said in a statement. Bullish shares gained 1.9% in the most recent premarket activity.
The deal is expected to combine Bullish's blockchain infrastructure with Equiniti's transfer agency services to create a global transfer agent platform to support tokenized securities.
"Tokenization is a once-in-a-generation shift in how capital markets operate," Bullish Chief Executive Tom Farley said. "Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger and a broad base of blue-chip issuer relationships, at scale."
"This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities," Farley added.
The transaction, which requires approval from regulators, is expected to complete in January. Following completion, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk.
On a pro-forma basis, the combined company is expected to generate roughly $1.3 billion in adjusted revenue and more than $500 million in earnings before interest, taxes, depreciation and amortization less capital expenditure in 2026. Bullish estimates the deal to grow revenue annually by 6% to 8% from 2027 through 2029, including 20% revenue gains from tokenization and blockchain services.
The deal "strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti," Equiniti CEO Dan Kramer said. Kramer will continue to be responsible for the firm's daily operations and client relationships.
Siris, which first purchased Equiniti in 2021, will receive two board seats as part of the transaction. The firm will also have a call option to acquire non-core Equiniti business lines.