S&P Global and CME Group have reached an agreement to sell Osttra, a leading provider of post-trade infrastructure for the global OTC market, to investment funds managed by KKR for $3.1 billion.
Founded in 2021 as a 50/50 joint venture, Osttra emerged from the merger of CME Group’s optimization services and S&P Global’s middleware solutions. The company offers a comprehensive range of post-trade services across various asset classes, including interest rates, foreign exchange, credit, and equities. Its clients consist of banks, broker-dealers, asset managers, and other market participants, benefiting from streamlined trade processing, lifecycle management, and optimization solutions.
The existing co-CEOs, Guy Rowcliffe and John Stewart, will maintain their leadership roles within the company. Following the acquisition, KKR plans to implement an equity ownership program benefiting nearly 1,500 of Osttra’s employees.
Rowcliffe and Stewart expressed their enthusiasm for the future, stating, “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 assisting them in navigating the continuously evolving OTC landscape.”