Within two days, West Palm Beach, Florida-based private equity firm Siris announced two transactions tied to different parts of the global infrastructure economy.
On May 5, Bullish announced a $4.2 billion agreement to acquire Equiniti from Siris in a transaction designed to expand blockchain-enabled capital markets infrastructure.
On May 6, Siris completed its acquisition of a majority stake in TAKKION, an integrated services provider to the renewable energy industry.
Equiniti and Capital Markets Infrastructure
Bullish, the cryptocurrency exchange led by former NYSE President Tom Farley, said the Equiniti acquisition is intended to create a “global transfer agent for tokenized securities.”
The transaction values Equiniti at approximately $4.2 billion, including assumed debt and consideration tied to Bullish equity. Reuters reported the deal includes roughly $1.85 billion of debt and approximately $2.35 billion in Bullish stock.
Bullish is privately held, and the stock component is not publicly traded.
Equiniti operates as a transfer agent and shareholder services provider, supporting nearly 3,000 public companies and more than 20 million shareholders. The company processes approximately $500 billion in annual payments.
Equiniti maintains shareholder records and issuer services infrastructure used throughout public markets. Bullish is positioning that infrastructure as a foundation for tokenized securities markets and blockchain-based settlement systems.
The companies said the combined platform is expected to support services including tokenization, 24/7 securities trading, and stablecoin-based settlement infrastructure.
Siris acquired Equiniti in 2021 and later combined it with American Stock Transfer.
TAKKION and Renewable Energy Services
One day after the Equiniti announcement, Siris confirmed it had completed its acquisition of a majority stake in TAKKION from Apollo-managed funds.
TAKKION operates as an integrated services provider to the renewable energy sector. According to Siris, the company provides maintenance, repair, upgrade, and lifecycle support services tied to renewable energy infrastructure.
The transaction also arrives as energy infrastructure operators face growing electricity demand tied to data center expansion. In discussing the investment rationale for TAKKION earlier this year, Siris referenced “surging power demand driven by AI and data center expansion.”
Infrastructure Across Different Systems
Siris was founded in 2011 by Frank Baker, Peter Berger, and Jeffrey Hendren. The firm describes its strategy as investing in mature technology companies with mission-critical products and services operating through industry change and transition.
Equiniti operates inside regulated financial infrastructure tied to shareholder records, payments, and issuer servicing. TAKKION operates inside physical infrastructure tied to renewable energy deployment and lifecycle operations.
Both businesses operate inside infrastructure layers tied to the movement of capital, energy, records, payments, and operational continuity.
That positioning reflects a wider shift taking place across private equity and infrastructure investing. Firms increasingly are moving beyond software-centered growth strategies toward businesses tied to regulated systems, operational infrastructure, energy demand, and long-duration institutional requirements.
The Equiniti sale and TAKKION acquisition place Siris across both financial market infrastructure and renewable energy services at a time when capital markets modernization and power demand expansion continue shaping institutional capital deployment.
