Bullish (BLSH) M&A announcement summary

Deal rationale and strategic fit

• Acquisition creates a fully integrated blockchain-enabled transfer agent, combining digital asset infrastructure with traditional securities services and targeting the $270 trillion global securities market.

• The combined entity will offer end-to-end tokenization services, a unified ledger bridging traditional and blockchain assets, and broad issuer relationships, supporting over 15,000 clients and 20 million KYC'd shareholders.

• Strategic focus on programmable, self-custodial, and interoperable assets, enabling real-time cap table visibility, automated corporate actions, and broader investor access.

• Equiniti's issuer relationships and Bullish's blockchain expertise position the entity to catalyze large-scale adoption of tokenized securities and lead the shift toward blockchain-native capital markets.

• The transaction is seen as a catalyst for a multi-decade transformation of global capital markets, addressing foundational gaps in infrastructure.

Financial terms and conditions

• Acquisition price is $4.2 billion, including $2.35 billion in newly issued shares and assumption of $1.85 billion in debt, with stock consideration priced at $38.48 per share based on 30-day VWAP as of May 4, 2026.

• Seller receives two board seats post-closing, and the transaction includes a call option for Siris to acquire non-core business lines.

• Post-closing, the combined company expects to have over $500 million in net liquid assets.

• Combined 2026 outlook projects $1.3 billion in adjusted revenue and $500 million in adjusted EBITDA less CapEx.

• Target closing date is January 2027, subject to regulatory approvals and customary conditions.

Synergies and expected cost savings

• $25–$50 million in annualized net cost takeouts targeted by 2029, with cost synergies front-loaded and offset by $25 million in new investments.

• Significant revenue synergies anticipated from cross-selling tokenization services and leveraging stablecoin and trading expertise.

• Combined company expects $1.3 billion in adjusted total revenue and over $500 million in adjusted EBITDA less CapEx for 2026, with EBITDA less CapEx expected to grow ~$100 million+ per year.

• Margin expansion expected, with adjusted EBITDA less CapEx margins reaching 50%+ by 2029.

• Anticipates 6–8% annual revenue growth from 2027 to 2029, with 20% growth from tokenization and blockchain services.