Investment firm KKR has agreed to purchase OSTTRA, a post-trade infrastructure provider, from S&P Global and CME Group in a transaction valued at $3.1bn.
S&P Global and CME Group hold a 50% stake each in the joint venture.
OSTTRA was established by the two firms in 2021 to consolidate a range of post-trade services spanning asset classes such as interest rates, foreign exchange, credit, and equities.
The company integrates operations from four existing entities, namely MarkitServ, Traiana, TriOptima, and Reset.
OSTTRA currently operates from eight global offices and employs around 1,350 professionals. Its solutions facilitate trade processing, lifecycle management, clearing, settlement, and portfolio optimisation, serving a client base including banks, asset managers, broker-dealers, and other institutional market participants.
Following the acquisition, OSTTRA’s leadership team, co-led by Guy Rowcliffe and John Stewart, will remain in place.
KKR intends to enhance the company’s technological and operational capabilities, with a focus on strengthening its post-trade platform and supporting long-term client needs.
The investment firm plans to implement a broad-based equity ownership programme for OSTTRA’s workforce of nearly 1,500, offering employees a stake in the company’s future performance.
KKR said that this model aligns with its long-standing approach of fostering employee engagement through ownership, noting that since 2011, more than 60 portfolio companies have distributed equity value to over 150,000 employees beyond senior management.
The deal marks another move by KKR to expand its presence in financial market infrastructure and technology services, building on its broader North American private equity strategy.
KKR partner Webster Chua said: “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.
“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.”
While full financial terms of the agreement were not disclosed, both sellers will receive equal proceeds from the sale as joint venture partners.
OSTTRA co-CEOs Guy Rowcliffe and John Stewart said: “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.
“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.”
Advisory roles for the transaction were distributed across several financial and legal firms. S&P Global was advised by Barclays and Davis Polk, while CME Group was supported by Citi and Skadden.
KKR’s financial advisers were Goldman Sachs & Co. and BofA Securities, with Simpson Thacher & Bartlett providing legal counsel.
Subject to regulatory clearance and standard closing conditions, the transaction is expected to conclude in the second half of 2025.
