KKR’s $3.1B OSTTRA Play is Firm’s First Foray into Post-Trade Services
Plus: We outline portco M&A and exits from last week.
Dealing derivatives.
KKR agreed to acquire OSTTRA, a facilitator of post-trade infrastructure for the global forex, rates, credit, and equity markets, from CME Group and S&P Global. The deal values OSTTRA at $3.1 billion. The transaction is expected to close in the second half of 2025.
KKR has sourced a $1.7 billion loan from Barclays and Citigroup to fund the takeover, according to reporting from Bloomberg.
Pre-post-trade.
While the acquisition marks KKR’s first foray into post-trade services, the firm is no stranger to fintech. Earlier this year, the firm launched a sale process of its 20-plus percent minority stake in Maya (formerly Voyager Innovations) via Goldman Sachs, valuing the Filipino digital bank at over $2 billion. KKR initially invested in the company in October 2018, sinking $175 million into a minority share alongside Tencent, a Chinese multinational technology company.
In the seven years of stewardship, funds from KKR and other investors were instrumental in implementing new technological products. In 2022, for example, the company launched Maya Bank, a digital banking platform with embedded savings, credit, and investment services.
In the new.
With OSTTRA, KKR is again seeking to invest in technology and product development. "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,” Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA, stated in a press release.
Stewart and Rowcliffe are expected to stay on to lead OSTTRA post-acquisition. In addition, KKR plans to launch an employee ownership program for the more than 1,500 individuals employed by the company.
KKR did not respond to request for comment.
PE portcos also saw some full and partial exits last week, as well as some exits-to-be:
Sterling Group sold Artisan Design Group, a design, distribution, and installation services provider it has held since 2021, to Lowe’s for $1.33 billion.
Belgian insurer Ageas agreed to acquire esure, a British car and home insurer, from Bain Capital for £1.3 billion ($1.7 billion). Bain Capital originally acquired esure in 2018 for £1.2 billion.
TPG sold a majority stake in Crunch Fitness, a New York City-based gym franchise it has held since 2019, to Leonard Green & Partners for an unknown sum.
GTCR agreed to sell its 55 percent stake in Worldpay, a payment processing company, to Global Payments for $24.25 billion. Co-investor Fidelity National Information Services also plans to sell its stake; the transactions are expected to close in early 2026. GTCR acquired its stake in Worldpay in 2023 at a $18.5 billion valuation.
Trivest sold Epika Fleet Services, a provider of truck fleet maintenance which the firm has held since 2018, to Ares Management for an undisclosed amount.
Meanwhile, portco M&A was in full swing:
Achilles, a provider of supply chain risk and performance management services Bridgepoint bought for £24 million in 2021, acquired InfoControl, a Latin American contractor manager, for an undisclosed sum.
OMERS-backed Teranet, an electronic land registration and property information company, bought compliance solutions firm Goveyance for an unknown sum.
M Group Services, a British infrastructure services platform backed by CVC, entered into exclusive negotiations to acquire Telent, a UK- and Ireland-based critical infrastructure technology company, for £270 million.
Mubadala-backed M42, a tech-enabled Emrati healthcare company, announced an investment in and partnership with Juvenescence, a biotech company focused on age-related diseases. The collaboration will seek to develop AI-enabled lifespan-advancing therapeutics. Financial terms of the deal were not disclosed.
We hope everyone had a lovely holiday weekend! We’ll see you next Monday.