S&P Global and CME Group have announced the sale of Osttra, a leading provider of post-trade solutions for the global OTC market, to investment funds managed by KKR for a total enterprise value of $3.1 billion. This deal will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.
Established in 2021 as a joint venture between CME Group and S&P Global, Osttra serves the global financial ecosystem with a comprehensive suite of critical post-trade offerings across interest rates, FX, credit, and equity asset classes.
The co-CEOs of Osttra, Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles under KKR's ownership. KKR plans to increase investment in technology and innovation across Osttra's post-trade solutions platform to support its customer-centric growth and role as a critical market infrastructure provider.
Since 2011, more than 60 KKR portfolio companies have awarded billions of dollars of total equity value to over 150,000 non-senior management employees, and following the close of the transaction, KKR will support Osttra in creating a broad-based equity ownership program to provide all of the company’s nearly 1,500 employees the opportunity to participate in the benefits of ownership.
The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals. Barclays and Davis Polk served as financial and legal advisors to S&P Global, while Citi and Skadden served as financial and legal advisors to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors to KKR. The market has reacted to these announcements by moving the company's shares 1.1% to a price of $264.4. If you want to know more, read the company's complete 8-K report here.
