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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.
Joe Palmisano
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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KKRS&P GlobalCME Group

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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