AcquisitionsMay 5, 2026, 06:13 AM
Bullish to Acquire Equiniti for $4.2B, Creating Blockchain-Enabled Transfer Agent
AI Summary
Bullish announced a definitive agreement to acquire Equiniti, a leading global transfer agent, for $4.2 billion. The transaction, comprising $1.85 billion in assumed debt and $2.35 billion in Bullish stock, aims to create the first fully integrated blockchain-enabled issuer services provider. The combined entity is projected to generate $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA less Capex for 2026E, with expected 6-8% revenue growth from 2027E-2029E, including 20% growth from tokenization services. The deal is expected to close in January 2027, pending regulatory approvals.
Key Highlights
- Bullish to acquire Equiniti for $4.2 billion.
- Transaction includes $1.85 billion of assumed Equiniti debt.
- Approximately $2.35 billion in Bullish stock consideration.
- Bullish stock consideration priced at $38.48 per share.
- Pro forma combined 2026E adjusted total revenue expected at $1.3 billion.
- Pro forma combined 2026E adjusted EBITDA less Capex expected at over $500 million.
- Expected 6-8% combined revenue growth from 2027E-2029E.
- Expected 20% revenue growth from tokenization and blockchain services.