Siris Capital has agreed to sell Equiniti, the shareholder services and technology company, to Bullish for $4.2 billion. The deal keeps Equiniti’s UK businesses under Siris’s ownership, while Bullish takes control of the rest of the company to build out tokenized securities infrastructure.
The Deal Details
The $4.2 billion acquisition covers Equiniti’s global operations except for its UK-based businesses, which Siris will retain. Bullish, a blockchain-focused firm, is buying the company to accelerate its work on tokenized securities — digital representations of traditional financial assets that can be traded on distributed ledgers. The transaction is structured as an all-cash deal.
Focus on Tokenized Securities
Bullish’s acquisition targets the infrastructure needed to issue, settle, and service tokenized securities. Equiniti’s existing technology and client base in shareholder record-keeping and corporate actions are expected to form the backbone of that effort. The company has long handled complex administrative tasks for public companies and their investors, a role that Bullish aims to digitize further.
Siris Capital’s Retained UK Businesses
Siris will keep Equiniti’s UK operations, which include its domestic shareholder services and related businesses. Those units will continue to operate under Siris’s ownership, separate from the Bullish transaction. The private equity firm had owned Equiniti since taking it private in 2021.
Timeline and Closing
The deal is expected to close ahead of January 2027, subject to regulatory approvals and other customary conditions. Both companies have declined to comment on the specific regulatory hurdles or the exact timeline beyond that window.
