S&P Global and CME Group have agreed to sell OSTTRA, their jointly owned post-trade infrastructure firm, to investment funds managed by KKR in a deal valuing the company at $3.1 billion in total enterprise value.
The transaction, expected to close in the second half of 2025 pending regulatory approvals, will see proceeds split evenly between S&P Global and CME Group after customary adjustments. OSTTRA’s co-CEOs, Guy Rowcliffe and John Stewart, will remain in their roles following the sale.
Founded in 2021 through the merger of CME Group’s optimization businesses—Traiana, TriOptima and Reset—and S&P Global’s MarkitSERV platform, OSTTRA provides post-trade connectivity and workflow solutions for over-the-counter derivatives markets, including interest rates, foreign exchange, credit and equity products. Its clients include banks, broker-dealers and asset managers.
KKR plans to expand OSTTRA’s technology and innovation investments while maintaining its position as a core market infrastructure provider. The private equity firm will also establish an employee equity ownership program for OSTTRA’s nearly 1,500 workers, a model KKR has implemented at more than 60 portfolio companies since 2011.
“We are incredibly grateful for our partnership with CME Group and S&P Global and delighted to have KKR’s backing as we embark on this exciting new chapter,” Rowcliffe and Stewart said in a joint statement.
Webster Chua, a partner at KKR, said OSTTRA’s “mission-critical solutions and strong market position” provide a foundation for growth.
CME Group Chairman and CEO Terry Duffy said OSTTRA has “generated significant growth,” while S&P Global Market Intelligence’s John Barneson called the deal a reflection of S&P Global’s “commitment to active portfolio optimization.”