S&P Global And CME Group Finalize $3.1 Billion Sale Of OSTTRA To KKR

S&P Global (NYSE: SPGI) and CME Group have announced the completion of the sale of their joint venture, OSTTRA, to KKR, a global investment firm. The transaction values OSTTRA at a total enterprise value of $3.1 billion, with proceeds to be divided evenly between S&P Global and CME Group pursuant to their 50/50 ownership structure.

Established in 2021, OSTTRA has become a vital part of the global financial infrastructure, providing mission-critical post-trade processing, connectivity, and optimization services across major asset classes including interest rates, foreign platform (FX), credit, and equities. Its products and services underpin for financial institutions worldwide, serving banks, broker-dealers, and asset managers.

The sale to KKR marks a significant step in the evolution of OSTTRA’s growth strategy, as the platform transitions from joint ownership by two major market infrastructure firms to independent backing by one of the world’s largest private equity investors. The transaction reflects the strong market appetite for financial data and workflow businesses that play a foundational role in global capital markets.

Takeaway

OSTTRA: Powering Global Post-Trade Connectivity

OSTTRA was founded as a joint venture between S&P Global and CME Group following the merger of MarkitSERV, Traiana, TriOptima, and Reset — four legacy businesses that collectively . The company provides end-to-end , lifecycle management, and risk optimization across derivatives and cash markets.

Its infrastructure enables counterparties to streamline clearing, confirmation, reconciliation, and collateral workflows in highly regulated environments. By offering centralized post-trade tools, OSTTRA enhances efficiency, transparency, and interoperability for the world’s .

Under KKR’s ownership, OSTTRA is expected to leverage new investment and operational independence to scale its technology and global reach. The acquisition aligns with KKR’s broader strategy to expand its exposure to financial infrastructure and data-driven services — sectors that are increasingly critical in a digitized, compliance-focused trading landscape.

Takeaway

Strategic And Advisory Teams Behind The Transaction

The divestiture was facilitated by leading global financial and legal advisors. Barclays and Davis Polk acted as financial and legal advisors, respectively, to S&P Global, while Citi and Skadden served as financial and legal advisors to CME Group. These advisory teams assisted structure a transaction that ensures continuity for OSTTRA’s clients and employees, while maximizing value for shareholders.

Both CME Group and S&P Global reaffirmed their commitment to focusing on their core competencies — trading, market data, analytics, and risk management — while maintaining collaborative relationships with key industry partners like OSTTRA. The companies are expected to continue working closely with OSTTRA under its new ownership as part of the broader financial infrastructure ecosystem.

The closing of the sale caps a multi-year journey that began with OSTTRA’s creation following S&P Global’s merger with IHS Markit. The new phase under KKR reflects a strategic realignment as financial market participants adapt to the growing importance of automation, standardization, and capital efficiency in post-trade processes.

Takeaway