KKR signs $3.1 billion deal to buy OSTTRA from S&P Global, CME Group

(Reuters) -KKR will buy a joint venture of S&P Global and CME Group (NASDAQ:CME) in a $3.1 billion deal, in the U.S. private equity firm’s second acquisition in less than a week despite a tariff whiplash slowing the pace of dealmaking activity.

The proceeds from the deal to sell London-based OSTTRA — which provides post-trade services for global over-the-counter markets across interest rate, foreign exchange, equity and credit asset classes — will be divided evenly between financial data provider S&P Global and derivatives marketplace CME, the companies said on Monday.

Financial sponsors have been buying and selling assets even as some corporate clients pause activity due to economic uncertainty and market volatility stemming from U.S. President Donald Trump’s back-and-forth tariff moves on major trading partners.

Last week, New York-based KKR agreed to acquire E45 maker Karo Healthcare from Swedish PE firm EQT (ST:EQTAB).

"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," OSTTRA co-CEOs Guy Rowcliffe and John Stewart said.

Post-trade services play a vital role in global financial markets, helping process and reconcile trades as well enabling their timely settlement.

OSTTRA’s management, led by Rowcliffe and Stewart, will continue to lead the company in their present roles. The firm’s clients include banks, hedge funds, asset managers, central banks and regulators.

CME and financial data provider IHS Markit combined their post-trade services to form OSTTRA in 2021. S&P Global acquired IHS Markit in 2022 in a $44 billion all-stock deal.

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The deal with KKR is expected to close in the second half of 2025.

Barclays and Davis Polk advised S&P Global, while Citi and Skadden advised CME Group.

KKR, which is making its investment in OSTTRA primarily through its North American private equity strategy, was advised by Goldman Sachs, BofA Securities and Simpson Thacher & Bartlett.

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