Bullish Crypto Exchange to Acquire Equiniti in $.2 Billion Deal
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Bullish Crypto Exchange to Acquire Equiniti in $.2 Billion Deal
- Bullish will pay approximately $2. billion in stock and assume $1.85 billion Equiniti's debt in the transaction.
- The deal, announced via a filing on May 5, 202, is expected to close January 2027 and an option for seller Siris Capital to buy back Equiniti's non-core business.
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Bullish, cryptocurrency exchange backed by major financial players like Block.one, has agreed to purchase Equiniti, a UK-based provider of financial services and capital markets technology, from private equity firm Siris Capital.
The $4.2 billion all-stock transaction marks a significant push by Bullish into blockchain-enabled infrastructure for capital markets, aiming to bridge traditional finance with digital assets. Equiniti handles services such as employee share plans, registry operations, and pension administration, serving clients across Europe and beyond.
Under the terms, Bullish will issue stock valued at about $2.35 billion while taking on $1.85 billion in Equiniti debt. Siris Capital, which acquired a majority stake in Equiniti in 2023, retains flexibility through an option to repurchase certain non-core segments post-closing.
The acquisition reflects broader industry trends where crypto firms are acquiring legacy financial tech to integrate blockchain for faster settlements, tokenization of assets, and compliance-heavy services. Bullish, launched in 2021, operates a regulated exchange focused on institutional trading and has been expanding its offerings amid crypto market recovery.
Regulatory approvals are pending in multiple jurisdictions, with closure targeted for January 2027. This move positions Bullish to compete in a growing sector, as global capital markets infrastructure spending on blockchain solutions is projected to exceed $10 billion annually by 2028, according to industry analysts.
Equiniti, founded in 2007 and listed on the London Stock Exchange until its privatization, processed over 1 billion transactions last year, underscoring its scale in back-office operations.
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