Bullish (NYSE:BLSH) entered into a definitive agreement to acquire Equiniti Group Limited from Orbit Private Investments, L.P. for $2.4 billion on May 4, 2026. The consideration consists of approximately $2.35 billion in Bullish stock and $1.85 billion of assumed Equiniti debt. The consideration is subject to customary purchase price adjustments. The transaction includes a call option for Siris Capital Group, LLC to acquire non-core Equiniti business lines for $100 million, payable in cash. On a pro forma combined basis, the companies are expected to generate approximately $1.3 billion in adjusted total revenue and $500+ million in adjusted EBITDA less Capex for 2026E, reflecting a highly profitable and scaled platform prior to the realization of synergies. Upon completion, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk. Siris Capital Group, LLC will receives two board seats in Bullish based on post-closing ownership.
The transaction is subject to required regulatory approvals, listing of new shares in the stock exchange and other customary closing conditions. The deal has been approved unanimously by the board of directors of Bullish and the approval by the shareholders of Equiniti Group Limited. The transaction is expected to close in January of 2027.
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Bullish. R. Alec Dawson, Andrew L. Milano and Samuel E. Worth of Morgan, Lewis & Bockius LLP acted as legal advisor to Bullish. Alvarez & Marsal Transaction Advisory Group LLC acted as financial advisor to Bullish. Evercore Inc. acted as lead financial advisor to Siris Capital Group, LLC. FTP Securities LLC acted as lead financial advisor to Siris Capital Group, LLC. Wells Fargo Securities, LLC acted as financial advisor to Siris Capital Group, LLC. LionTree Advisors LLC acted as financial advisor to Siris Capital Group, LLC. Dan Clivner, Daniel J. Belke, Luke R. Ashworth, Stanley J. Boris, James Mendenhall, Jen Fernandez, Daniel J. Belke of Sidley Austin LLP, Arjun Lakhani from Sidley Austin LLP, London and Ken Daly and Sven De Knop of Sidley Austin LLP, Brussels acted as legal advisor to Siris Capital Group, LLC.
Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services. The Company is focused on providing products and services that are designed to help institutions grow their businesses, empower individual investors, and drive the adoption of stablecoins, digital assets, and blockchain technology. It operates two primary business lines: media and events. Its media business delivers news and information on the digital assets industry. Its media business operates through CoinDesk.com. Its events business gathers the global digital asset, blockchain, and Web3 communities at annual events, such as Consensus. It provides trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through its flagship Consensus conference. The Company offers its services under the Bullish and CoinDesk brands.
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