S&P Global and CME Group have agreed to sell Osttra, a provider of post-trade infrastructure to the global OTC market, to investment funds managed by KKR for $3.1 billion.
Osttra was established in 2021 as a 50/50 joint venture when CME Group merged its optimisation businesses with S&P Global's middleware business.
The unit provides a suite of post-trade offerings across interest rates, FX, credit and equity asset classes, serving banks, broker-dealers, asset managers, and other market participants across trade processing, trade lifecycle, and optimisation.
Co-CEOs Guy Rowcliffe and John Stewart will continue to lead the company in their current roles.
KKR says that post-acquisition, it will back a broad-based equity ownership programme for the company's nearly 1,500 employees.
Say Rowcliffe and Stewart: "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."