S&P Global and CME Group sold its joint venture, OSTTRA, to private equity firm KKR in a deal valued at $3.1 billion.
OSTTRA is a leading provider of post-trade solutions for the global OTC market, serving the global financial ecosystem with a suite of post-trade offerings across interest rates, FX, credit and equity asset classes.
Further, OSTTRA provides end-to-end connectivity and workflow solutions to banks, broker-dealers, asset managers, and other market participants across trade processing, trade lifecycle, and optimization.
The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company. KKR is committed to advancing the OSTTRA platform by investing in technology and innovation.
“We are incredibly grateful for our partnership with CME Group and S&P Global over the past several years and delighted to have KKR’s backing as we embark on this exciting new chapter for OSTTRA,” Rowcliffe and Stewart said. “With KKR’s support, we will further accelerate our strategic initiatives to enhance our market-leading post-trade solutions, drive innovation, and expand our global footprint. Together, we look forward to delivering even greater value to our customers and helping them navigate the ever-evolving OTC landscape.”
KKR is acquired OSTTRA primarily through its North American private equity strategy. Following the close of the transaction, KKR will create an equity ownership program to provide all of the company’s nearly 1,500 employees the opportunity to participate in the benefits of ownership.
This strategy is based on KKR’s belief that team member engagement through ownership is a key driver in building stronger companies.
“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” Webster Chua, partner at KKR, said. “We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”
After closing, the proceeds will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.
“OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward,” CME Group Chairman and CEO Terry Duffy said. “Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”
The transaction is expected to close in the second half of 2025.
“We’re thrilled about this next chapter for OSTTRA, which, together with KKR, is ideally positioned to tackle today’s complex post-trade challenges and proactively meet future operational demands,” John Barneson, chairman of the board of OSTTRA and head of enterprise solutions at S&P Global Market Intelligence, said. “This transaction reflects S&P Global’s continued commitment to active portfolio optimization in support of our strategy and to fuel future growth.”