- S&P Global (SPGI, Financial) and CME Group announce the sale of OSTTRA to KKR for $3.1 billion.
- The transaction is expected to close in the second half of 2025, pending regulatory approvals.
- KKR plans to implement an equity ownership program for OSTTRA's 1,500 employees.
S&P Global and CME Group have signed a definitive agreement to sell OSTTRA, a key provider of post-trade solutions in the global OTC market, to KKR for an enterprise value of $3.1 billion. This transaction will see the proceeds evenly split between S&P Global and CME Group, owing to their 50/50 joint venture relationship. Established in 2021, OSTTRA delivers comprehensive post-trade services across various asset classes, including interest rates, FX, credit, and equities.
OSTTRA's existing management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company, supported by KKR's commitment to bolstering the business through increased investments in technology and innovation. KKR's Partner, Webster Chua, expressed confidence in OSTTRA's strong market position and deep customer relationships, which they believe will be instrumental in accelerating growth.
The sale is expected to finalize in the latter half of 2025, contingent on regulatory approval and customary closing conditions. As part of the acquisition, KKR intends to introduce a broad-based equity ownership program for OSTTRA's employees, giving them a stake in the company's future success. This strategic move aligns with KKR's historical approach to enhancing employee engagement and company performance through ownership.
Financial advisors for S&P Global in this transaction include Barclays and Davis Polk, while Citi and Skadden advised CME Group. KKR was advised by Goldman Sachs & Co. LLC, BofA Securities, and Simpson Thacher & Bartlett. This divestiture reflects S&P Global's ongoing strategy to optimize its portfolio and support growth.
