KKR to Acquire Post-Trade Specialist OSTTRA from S&P Global and CME Group for $3.1 billion

KKR to Acquire Post-Trade Specialist OSTTRA from S&P Global and CME Group for $3.1 billion

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Apr 14, 2025
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Investment firm KKR has agreed to acquire OSTTRA, a provider of post-trade solutions for the over-the-counter (OTC) markets, from S&P Global and CME Group in a deal valued at $3.1 billion.

 

The transaction, announced today, will see KKR take full ownership of OSTTRA, which was established in 2021 as a 50/50 joint venture between CME Group and S&P Global. The proceeds will be divided evenly between the two current owners.

 

OSTTRA has become a significant player in the post-trade infrastructure space, processing over 80 million trades monthly across interest rates, foreign exchange, credit and equity asset classes. The company provides trade processing, lifecycle management and optimisation services to banks, broker-dealers, asset managers and other market participants.

 

The current management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company following the acquisition.

 

"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," said Rowcliffe and Stewart in a joint statement. "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, which is making the investment primarily through its North American private equity strategy, plans to increase OSTTRA's investments in technology and innovation. The private equity firm also intends to implement a broad-based equity ownership programme that would give all of OSTTRA's approximately 1,500 employees the opportunity to participate in ownership benefits.

 

Webster Chua, Partner at KKR, commented on the acquisition: "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. 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."

 

For CME Group and S&P Global, the sale represents a successful exit from their joint venture after nurturing its growth over the past four years.

 

"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," said CME Group Chairman and Chief Executive Officer Terry Duffy. "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."

 

John Barneson, Chairman of the Board of OSTTRA and Head of Enterprise Solutions at S&P Global Market Intelligence, added: "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. This transaction reflects S&P Global's continued commitment to active portfolio optimisation in support of our strategy and to fuel future growth."

 

The transaction is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals. Financial advisors to the deal include Barclays for S&P Global, Citi for CME Group, and Goldman Sachs for KKR.

 

OSTTRA was formed through the combination of CME Group's optimisation businesses (Traiana, TriOptima, and Reset) and S&P Global's middleware business (MarkitSERV). The company has established itself as a critical infrastructure provider in the post-trade space, serving the global financial ecosystem with connectivity and workflow solutions.

 

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