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Direct Investment  + M&As  + Markets  |  April 16, 2025
S&P Global, CME Group Exit OSTTRA with $3.1B Sale to KKR Proceeds split equally S&P Global and CME Group have sold their joint venture, OSTTRA, to KKR for $3.1 billion, with proceeds split equally under their 50/50 ownership. Formed in 2021, OSTTRA delivers post-trade solutions for the global OTC market, covering interest rates, FX, credit, and equity asset classes. Co-CEOs Guy Rowcliffe and John Stewart will continue leading the management team. KKR aims to introduce a broad-based equity ownership program for OSTTRA’s 1,500 employees and prioritize investments in technology and innovation. The deal is set to close in the second half of 2025. "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 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." Barclays and Davis Polk served as financial and legal advisors, respectively, to S&P Global. Citi and Skadden served as financial and legal advisors, respectively, to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors, respectively, to KKR.
By: Joe Palmisano

S&P Global, CME Group Exit OSTTRA with $3.1B Sale to KKR

S&P Global and CME Group have sold their joint venture, OSTTRA, to KKR for $3.1 billion, with proceeds split equally under their 50/50 ownership.

Formed in 2021, OSTTRA delivers post-trade solutions for the global OTC market, covering interest rates, FX, credit, and equity asset classes. Co-CEOs Guy Rowcliffe and John Stewart will continue leading the management team.

KKR aims to introduce a broad-based equity ownership program for OSTTRA’s 1,500 employees and prioritize investments in technology and innovation. The deal is set to close in the second half of 2025.

“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 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.”

Barclays and Davis Polk served as financial and legal advisors, respectively, to S&P Global. Citi and Skadden served as financial and legal advisors, respectively, to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors, respectively, to KKR.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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