S&P Global and CME Group today have signed a definitive agreement to sell post-trade solutions provider OSTTRA to investment funds managed by KKR.
The deal is valued at $3.1 billion and is set to be divided evenly between S&P Global and CME Group as each hold a 50% interest. The acquisition is subject to customary purchase price adjustments.
KKR confirmed that its focus is on increasing OSTTRA’s investments in technology and innovation across its post-trade solutions platform.
Deal is expected to close in H2 2025, subject to closing conditions and regulatory approval.
“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,” said Webster Chua, partner at KKR.
“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.”
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OSTTRA was established in 2021 – a joint venture between CME Group and S&P Global. The firm offers post-trade services across: interest rates, FX, credit and equity asset classes.
Clients include banks, broker-dealers, asset managers, and other market participants.
Upon completion of the deal, current co-CEOs Guy Rowcliffe and John Stewart will remain at OSTTRA and continue to lead the company.
Terry Duffy, CME group chair and chief executive, said: “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. 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.”