We are advising S&P Global on the transaction

Davis Polk is advising S&P Global in connection with the sale of its interest in OSTTRA to investment funds managed by KKR for a total enterprise value of $3.1 billion, subject to customary purchase price adjustments. The proceeds of the sale will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Established in 2021 as a joint venture between CME Group and S&P Global, OSTTRA serves the global financial ecosystem with a comprehensive suite of critical post-trade offerings across interest rates, foreign exchange, credit and equity asset classes. OSTTRA provides end-to-end connectivity and workflow solutions to banks, broker-dealers, asset managers and other market participants across trade processing, trade lifecycle and optimization.

S&P Global provides essential intelligence. It enables governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction.

As the world’s leading derivatives marketplace, CME Group enables clients to trade futures, options, cash and OTC markets, optimize portfolios and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities.

The corporate team includes partners Brian Wolfe and Evan Rosen and associate Joshua B. Pittell. Partner Pritesh P. Shah and associates Brette L. Trost and Gabrielle Mazero are providing intellectual property advice. Partner Veronica M. Wissel and counsel Joseph S. Brown are providing executive compensation advice. Partner Michael Mollerus and associate Yueyu Yang are providing tax advice. All members of the Davis Polk team are based in the New York office.

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