- S&P Global (SPGI, Financial) and CME Group to divest joint venture, OSTTRA, to KKR for $3.1 billion.
- Transaction is anticipated to close in the second half of 2025, pending regulatory approvals.
- KKR will enhance OSTTRA's growth by investing in technology and implementing an equity program for employees.
S&P Global (SPGI) and CME Group have announced their decision to sell their joint venture, OSTTRA, to the global investment firm KKR for an enterprise value of $3.1 billion. The proceeds from this transaction will be equally divided between S&P Global and CME Group, reflecting their 50/50 ownership structure.
Established in 2021, OSTTRA has been providing post-trade solutions for the global over-the-counter (OTC) market, covering asset classes such as interest rates, foreign exchange (FX), credit, and equities. The management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue in their roles following the acquisition.
KKR plans to introduce a broad-based equity ownership program for OSTTRA's 1,500 employees, emphasizing technology and innovation investments to drive future growth. The transaction aims to strengthen OSTTRA's position as a critical market infrastructure provider, while also ensuring that all employees benefit from the company's ownership structure.
The completion of this deal is projected for the second half of 2025, given the necessary regulatory approvals and customary closing conditions are satisfied. KKR's investment aligns with its strategy to leverage stable and recurring revenue streams in critical financial market infrastructure.
