S&P Global and CME Group to Sell OSTTRA to KKR for $3.1 Billion

S&P Global and CME Group have entered into a definitive agreement to sell OSTTRA, their jointly owned post-trade infrastructure firm, to investment funds managed by KKR.

The transaction values OSTTRA at $3.1 billion in total enterprise value and reflects equal ownership by the two firms, with proceeds to be split evenly following customary adjustments.

Guy Rowcliffe and John Stewart will remain co-CEOs of OSTTRA

OSTTRA was established in 2021 through the combination of CME Group’s optimization businesses—Traiana, TriOptima, and Reset—and S&P Global’s MarkitSERV platform. The company provides post-trade connectivity and workflow solutions for the global over-the-counter derivatives market, spanning interest rates, foreign exchange, credit, and equity products. Its clients include banks, broker-dealers, and asset managers.

Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA, will continue leading the business following the sale. KKR plans to support the company’s expansion by increasing investment in technology and innovation, while maintaining OSTTRA’s role as a core market infrastructure provider.

KKR is making the investment primarily through its North American private equity strategy. After the transaction closes, KKR will launch a broad-based equity ownership program, allowing OSTTRA’s nearly 1,500 employees to share in the firm’s long-term success. KKR has introduced similar ownership initiatives across more than 60 portfolio companies since 2011.

The transaction is expected to close in the second half of 2025, subject to customary regulatory approvals and closing conditions.

“OSTTRA is ideally positioned to tackle today’s complex post-trade challenges”

“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.”

Webster Chua, Partner at KKR, commented, “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.”

Terry Duffy, Chairman and Chief Executive Officer of CME Group, 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 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 optimization in support of our strategy and to fuel future growth.”