Siris retains UK businesses as Equiniti sold to Bullish in $4.2B deal

Bullish, the crypto exchange operator trading on the NYSE under the ticker BLSH, has agreed to acquire Equiniti for $4.2 billion in an all-stock transaction. The deal, announced on May 5, 2026, would fold one of the world’s largest transfer agents into a company that also owns CoinDesk and operates a regulated digital asset exchange. The closing is targeted for January 2027, subject to regulatory approvals. What Siris walks away with Equiniti’s current owner, Siris Capital Group, is not exiting empty-handed. The private equity firm is retaining call options on three UK-focused business lines that were deemed non-core to the Bullish transaction. Siris has also committed to investing in the technology and artificial intelligence capabilities of those retained UK operations between now and the deal’s close. Beyond the UK carve-out, Siris secures two board seats in the combined company once the transaction closes. The firm acquired Equiniti back in 2021, and this deal is expected to deliver roughly a threefold return on that investment. The $4.2 billion headline figure breaks down into $1.85 billion in assumed debt and approximately $2.35 billion in Bullish shares. Those shares were va...