Bullish to acquire Equiniti for $4.2bn

BY Richard Summerfield

Cryptocurrency exchange Bullish has agreed to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, from private equity firm Siris Capital in a deal worth $4.2bn.

Under the terms of the deal, which is expected to close in January 2027, subject to regulatory approvals, Bullish will acquire around $1.85bn of assumed Equiniti debt. The rest of the transaction is comprised of approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.

The transaction also includes a call option for Siris to acquire non-core Equiniti business lines. The financials of those business lines were excluded from the transaction disclosures. Siris is expected to receive two board seats as part of the deal. Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development over the last five years.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, chief executive of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure,” said Dan Kramer, chief executive of Equiniti. “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth,” said Frank Baker, co-founder and managing partner of Siris. “This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”

Equiniti is a global transfer agent serving nearly 3000 issuer clients, around 15,000 corporate clients and more than 20 million shareholders. The company processes about $500bn in annual payments.

After deal completion, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Mr Kramer and the existing leadership team will continue to oversee day-to-day operations, regulatory obligations and client relationships.

News: Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push

Blue Owl to acquire Sila Realty Trust in $2.4bn deal

BY Richard Summerfield

Blue Owl Capital’s real estate investment arm has agreed to acquire US net lease real estate investment trust (REIT) Sila Realty Trust in a deal worth $2.4bn

Under the terms of the deal, Blue Owl will pay $30.38 per share for all the outstanding shares ​of the Tampa, Florida-based REIT, a 19 percent premium to Sila’s closing price of $25.53 ​on 17 April, the day before the announcement.

The addition of Sila, which owns 137 real estate properties and three undeveloped land parcels, located in 65 markets across the US, will bolster the real estate division of Blue Owl. That division currently accounts for around a quarter of the company’s roughly $307bn in assets under management. It also invests in industrial facilities and ​data centres, and credit secured by other properties.

The transaction, which has been unanimously approved by Sila’s board of directors, is expected to close in the second or third quarter of 2026, subject to approval by Sila’s shareholders and other customary closing conditions. Subject to and upon completion of the transaction, Sila will become a private company, and shares of Sila’s common stock will be de-registered under the Securities Exchange Act of 1934 and will no longer trade on the New York Stock Exchange.

“I am extremely proud of the company that we have built at Sila Realty Trust,” said Michael A. Seton, president and chief executive officer of Sila. “Our success in curating a portfolio of high-quality net lease healthcare properties is a testament to the vision, skill, dedication, and culture to which all my colleagues have contributed. Sila’s management team’s unwavering commitment to put our shareholders as our top priority is evidenced by the undertaking of a strategic process and execution of this transaction with Blue Owl managed funds, the leading global investor in net lease assets and sale-leasebacks. The consummation of this transaction will provide significant and immediate realized benefit to our shareholders.”

“We are extremely excited to acquire one of the best‑in‑class healthcare net lease portfolios in the market,” said Marc Zahr, co-president and global head of real assets at Blue Owl. “Michael and the Sila team have curated a highly diversified collection of critically important healthcare assets across the continuum of care, underpinned by strong tenant fundamentals, long‑term triple‑net leases, and robust rent coverage. This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”

News: Sila Realty Trust to be Acquired by Affiliates of Blue Owl for $2.4 Billionto-be-Acquired-by-Affiliates-of-Blue-Owl-for-%242.4-Billion

BlackRock and EQT led consortium agrees $33.4bn AES deal

BY Richard Summerfield

In a landmark deal in the power and utilities space, a consortium led by BlackRock’s Global Infrastructure Partners and Swedish private equity firm EQT AB have agreed to acquire US power company AES Corp for around $33.4bn, including debt.

The deal will see the consortium, which also includes the California Public Employees’ Retirement System ⁠and ​the Qatar Investment Authority, acquire AES for $15 per share in cash, representing a total equity value of $10.7bn and an enterprise value of approximately $33.4bn, including the assumption of existing debt. The transaction represents a 40.3 percent premium to AES’s 30-day volume weighted average share price prior to 8 July 2025, the last full day of trading prior to the first media report of a potential acquisition.

The transaction has been unanimously approved by AES’ board of directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions.

In the absence of a transaction, AES said it would have had to reduce or eliminate dividend payments or make substantial ​new equity issuances. The agreement includes reciprocal termination fees. The consortium will ​pay $100m or ⁠up to about $588m, while AES will pay roughly $321m under specified terms. Upon completion, AES’ units in Indiana and Ohio will remain locally operated and managed utilities.

“Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value,” said Jay Morse, chairman of the board at AES. “We ran a robust process that included several parties and evaluated the transaction with the Company’s standalone prospects in mind. AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”

“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities,” said Andrés Gluski, president and chief executive of AES. “We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

“We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history,” said Bayo Ogunlesi, chairman and chief executive officer of Global Infrastructure Partners. “AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”

“As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide,” said Masoud Homayoun, head of EQT Infrastructure. “EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets. We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition.”

News: BlackRock, EQT-led group seals $33.4 billion AES deal in bet on AI power boom

OneStream acquired by Hg in $6.4bn deal

BY Fraser Tennant

In an all-cash transaction that takes the US financial software maker private only 17 months after its initial public offering, OneStream is to be acquired by buyout firm Hg for approximately $6.4bn.  

Under the terms of the definitive agreement, OneStream shareholders will receive $24 per share in cash. The per-share purchase price represents a 31 percent premium to OneStream’s closing share price on 5 January 2026.

Upon completion of the transaction, OneStream will become a privately held company and will no longer be listed or traded on any public stock exchange.

OneStream’s majority voting shareholder General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm.

“This transaction marks a pivotal moment for OneStream and our vision to be the operating system for modern finance,” said Tom Shea, chief executive of OneStream. “As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. Through this partnership, we are able to significantly advance our artificial intelligence (AI)-first go-to-market strategy and expand our finance AI capabilities at a rapid pace.”

With over 1700 customers, including 18 percent of the Fortune 500, a strong ecosystem of go to market, implementation and development partners and 1600 employees, OneStream’s vision is to be the operating system for modern finance.

“We are excited to support Mr Shea and the OneStream team,” said Joe Jefferies, a partner at Hg. “We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships.”

Following closure, Mr Shea will continue to serve as chief executive of OneStream alongside the current leadership team, with the company maintaining its headquarters in Birmingham, Michigan.

The transaction, which has been unanimously approved by OneStream’s board of directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

“This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem,” noted Mr Shea. “We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking finance customers.”

News: Hg Capital to buy OneStream in $6.4 billion take private deal; shares jump 28%

GE HealthCare to acquire Intelerad in $2.3bn deal

BY Richard Summerfield

GE HealthCare has announced it has agreed to acquire medical imaging software provider Intelerad in a deal worth $2.3bn, as part of wider aims to create a fully-connected, cloud-first imaging ecosystem and to triple its cloud-enabled product offering by 2028.

The deal is expected to be completed in the first half of 2026, subject to customary closing conditions and regulatory approvals. GE HealthCare intends to fund the transaction with cash on hand and proceeds from debt financing. 

“As hospital and ambulatory care providers face increased demand for imaging and rising patient volumes, they are looking to simplify and unify their workflows,” said Peter Arduini, president and chief executive of GE HealthCare. “Our acquisition of Intelerad will bring additional cloud-enabled and intelligent solutions in radiology and cardiology into our portfolio of products and extend our capabilities into outpatient networks, enabling care teams to be more efficient, improve outcomes, and deliver precision care for patients globally. As a result, we expect to accelerate our growth in SaaS products and recurring revenues as we take another evolutionary step to grow into a healthcare solutions provider.”

“Intelerad is an outstanding strategic fit and is a pioneer in cloud-based imaging software, with a strong portfolio of world-class solutions across care settings. By combining GE HealthCare’s medical device and AI competence at global scale with Intelerad’s enterprise cloud and imaging expertise, we will be even better positioned to meet the evolving needs of healthcare providers, simplify complex workflows, and drive digital innovation across the industry,” said Roland Rott, president and chief executive of imaging at GE HealthCare.  

“Joining GE HealthCare marks an exciting new chapter for Intelerad,” said Jordan Bazinsky, chief executive of Intelerad. “GE HealthCare’s global scale and extensive relationships with key decision makers across hospital systems will fuel the expansion of our connected imaging software offering.  Together, we look forward to advancing digital innovation in healthcare and delivering more integrated AI-enabled solutions that empower our customers to tackle their greatest challenges.”

The deal will see Hg Capital, Intelerad’s majority shareholder, and TA Associates, an investor in the company since 2022, fully exit their investments. During Hg’s ownership, Intelerad significantly expanded its business, growing revenue by more than 3.5 times and completing eight strategic acquisitions. The company now serves over 1500 customers worldwide, supporting more than 230 million medical exams annually and managing 8 billion medical images. Hg is estimated to have invested around $500m into Intelerad in January 2020, with unconfirmed sources placing the total value of the investment at around $650m.

According to Hector Guinness and Laura Grattan, partners at Hg, the firm’s partnership with Intelerad was “an outstanding journey of innovation, growth, and leadership in healthcare technology”.

News: Hg exits Intelerad in $2.3bn sale to GE HealthCare