KKR to acquire post-trade services firm OSTTRA for $3.1bn

By Gloria Methri

S&P Global and CME Group have signed a definitive agreement to sell OSTTRA, their joint venture providing post-trade solutions for the global over-the-counter (OTC) derivatives market, to global investment firm KKR. The deal values OSTTRA at $3.1 billion and is subject to customary purchase price adjustments. Proceeds will be split equally between S&P Global and CME Group, in line with their 50/50 ownership structure.

Formed in 2021, OSTTRA delivers post-trade connectivity, processing, and optimisation services across asset classes, including interest rates, FX, credit, and equities. It supports a wide range of financial institutions, such as banks, broker-dealers, and asset managers, by providing infrastructure critical to the global financial system.

OSTTRA’s co-CEOs, Guy Rowcliffe and John Stewart, will remain in their leadership roles. Under KKR’s ownership, the company is expected to accelerate investment in technology and innovation to strengthen its position as a key post-trade infrastructure provider.

“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,” said Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA. “With KKR’s support, we will further accelerate our strategic initiatives to enhance our market-leading 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.”

“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,” said Webster Chua, Partner at KKR. “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.”

“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 Chief Executive Officer 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.”

“We’re thrilled about this next chapter for OSTTRA, which, together with KKR, is ideally positioned to tackle today’s complex post-trade challenges and proactively meet future operational demands,” said John Barneson, Chairman of the Board of OSTTRA and Head of Enterprise Solutions at S&P Global Market Intelligence. “This transaction reflects S&P Global’s continued commitment to active portfolio optimisation in support of our strategy and to fuel future growth.”

The transaction, which is expected to close in the second half of 2025, is subject to regulatory approvals and customary conditions. The investment will be made primarily through KKR’s North American private equity strategy.

Following the acquisition, KKR plans to roll out a broad-based employee ownership programme at OSTTRA, offering nearly 1,500 employees a stake in the company. This initiative aligns with KKR’s ongoing strategy to drive long-term performance by increasing employee engagement through ownership. Since 2011, more than 60 KKR portfolio companies have distributed billions in equity value to over 150,000 non-senior management employees.