S&P Global and CME Group to sell OSTTRA
14 April 2025 US
Image: Din_Nasahrudin/stock.adobe.com
S&P Global and CME Group are to sign a definitive agreement to sell OSTTRA to investment funds managed by KKR.
Established in 2021 as a joint venture between CME Group and S&P Global, OSTTRA serves the global financial ecosystem with a suite of post-trade offerings across interest rates, foreign exchange, credit and equity asset classes.
The terms of the deal for OSTTRA equalled a total enterprise value of US$3.1 billion, which will be divided evenly between S&P Global and CME Group, pursuant to their 50-50 joint venture.
"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," says CME Group chairman and CEO, 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."
The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles.
Rowcliffe and Stewart comment: “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.
“With KKR's support, we will further accelerate our strategic initiatives to enhance our 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.”
Global investment firm KKR will support OSTTRA's growth by increasing OSTTRA's investments in technology and innovation across its post-trade solutions platform.
The firm is making its investment in OSTTRA primarily through its North American private equity strategy.
Commenting on the news, Webster Chua, partner at KKR, says: “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.”
The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.
Established in 2021 as a joint venture between CME Group and S&P Global, OSTTRA serves the global financial ecosystem with a suite of post-trade offerings across interest rates, foreign exchange, credit and equity asset classes.
The terms of the deal for OSTTRA equalled a total enterprise value of US$3.1 billion, which will be divided evenly between S&P Global and CME Group, pursuant to their 50-50 joint venture.
"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," says CME Group chairman and CEO, 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."
The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles.
Rowcliffe and Stewart comment: “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.
“With KKR's support, we will further accelerate our strategic initiatives to enhance our 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.”
Global investment firm KKR will support OSTTRA's growth by increasing OSTTRA's investments in technology and innovation across its post-trade solutions platform.
The firm is making its investment in OSTTRA primarily through its North American private equity strategy.
Commenting on the news, Webster Chua, partner at KKR, says: “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.”
The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.
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