New York, NY, April 14, 2025— KKR, a leading global investment firm, today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire OSTTRA, a leading provider of post-trade solutions for the global OTC market, from CME Group and S&P Global. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between S&P Global and CME Group pursuant to their 50/50 joint venture.

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, FX, 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.

The OSTTRA management team, led by co-CEOs Guy Rowcliffe and John Stewart, will continue to lead the company in their current roles. KKR will support OSTTRA’s customer-centric growth and role as a critical market infrastructure provider by increasing OSTTRA’s investments in technology and innovation across its leading post-trade solutions platform.

“We are incredibly grateful for our partnership with CME Group and S&P Global over the past several years and delighted to have KKR’s backing as we embark on this exciting new chapter for OSTTRA,” said Guy Rowcliffe and John Stewart, co-CEOs of OSTTRA. “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.”

“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, Partner at KKR. “We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”

“OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward,” said CME Group Chairman and Chief Executive Officer Terry Duffy. “Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”

“We’re thrilled about this next chapter for OSTTRA, which, together with KKR, is ideally positioned to tackle today’s complex post-trade challenges and proactively meet future operational demands,” said John Barneson, Chairman of the Board of OSTTRA and Head of Enterprise Solutions at S&P Global Market Intelligence. “This transaction reflects S&P Global’s continued commitment to active portfolio optimization in support of our strategy and to fuel future growth.”

KKR is making its investment in OSTTRA primarily through its North American private equity strategy. Following the close of the transaction, KKR will support OSTTRA in creating a broad-based equity ownership program to provide all of the company’s nearly 1,500 employees the opportunity to participate in the benefits of ownership. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 60 KKR portfolio companies have awarded billions of dollars of total equity value to over 150,000 non-senior management employees.

Further financial terms were not disclosed. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Barclays and Davis Polk served as financial and legal advisors, respectively, to S&P Global. Citi and Skadden served as financial and legal advisors, respectively, to CME Group. Goldman Sachs & Co. LLC and BofA Securities, and Simpson Thacher & Bartlett served as financial and legal advisors, respectively, to KKR.

About OSTTRA

Formed in September 2021 as a 50/50 joint venture between CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and S&P Global’s middleware business (MarkitSERV), OSTTRA has established itself as a critical infrastructure provider in the post-trade space, processing over 80 million trades monthly.

About CME Group

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) 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. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

About S&P Global

S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world.

We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.

S&P Global provides essential intelligence. We enable governments, businesses, and individuals with the right data, expertise, and connected technology to make informed decisions. S&P Global is a leader in credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets.

About KKR

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. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

CME Group
Laurie Bischel
laurie.bischel@cmegroup.com

S&P Global
Farhan Husain
farhan.husain@spglobal.com

KKR
Julia Kosygina or Lauren McCranie
media@kkr.com

Anacap, a market-leading private equity investor specialising in partnering with founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that it has signed transaction documentation for the acquisition of a majority stake in Fiduciaire Jean Marc Faber (“FJMF” or “the Company”).

FJMF is a leading independent provider of trust, fund, and corporate services based in Luxembourg. Founded in 1995 by Jean-Marc Faber, the Company is currently led by him along with partners Christophe Mouton and Daniel Galhano. The Company offers a comprehensive suite of services, including corporate administration, accountancy, trust, fund and payroll services. FJMF has experienced significant growth in recent years, fuelled by a strong organic growth strategy and strategic acquisitions.

With approximately 70 full-time equivalents (“FTEs”), FJMF is a member of the Ordre des Experts-Comptables (“OEC”). The Company serves as a “one-stop-shop” provider for more than 1,800 clients, mostly institutional fund customers and patrimonial clients.

Luxembourg is a leading financial centre in Europe, domiciling 25% of total European assets. The outlook for FJMF is positive, as the highly fragmented local market begins to consolidate. This trend aligns with the shared ambitions of AnaCap and FJMF to expand the Company’s inorganic growth strategy, leveraging AnaCap’s unique expertise and FJMF’s strong reputation. This acquisition represents AnaCap’s second investment in Luxembourg after it successfully sold First Names Group to SGG in 2017.This development also represents AnaCap’s third investment for its latest flagship fund, following the acquisitions of two founder-led businesses: Edge Group, an Italian insurance broking platform, and DK Accountants & Adviseurs, a Dutch accountancy services provider. Closing is expected first half of April.

Nassim Cherchali, AnaCap’s Managing Partner, commented:

“We are delighted to announce this partnership with FJMF. This represents AnaCap’s third investment in our latest flagship, with several other transactions already in the pipeline. This acquisition aligns with the AnaCap philosophy of partnering with founder-led platforms to support then during their next stage of growth. We believe FJMF is well-positioned to become a key consolidator in a highly fragmented local market, with this consolidation leading to improved service offerings for clients.”

Steven Gringoire, Director at AnaCap, added:

“We look forward to working closely with the entire team at FJMF and are thrilled for them to join the AnaCap platform. We were impressed with the Company’s recent growth, market reputation and constant focus on the quality of its services. We see an opportunity to cement FJMF’s leading position through increased M&A activity, continuous growth and expansion of the product proposition in an attractive sector. We are very excited for the next chapter of the company’s growth.”

Jean-Marc Faber, FJMF’s Founder and Managing Partner, concluded:
“We are pleased to partner with AnaCap and are very excited by what lays ahead of us for this new chapter. AnaCap’s entrepreneurial approach, track record and shared ambitions convinced us that they were the right partner to support us in our growth journey. We have very high ambitions for the Company as we look to continue expanding the value proposition for our clients and become a trusted consolidator in the corporate, fund and trust services sector.”

AnaCap received legal advice from Proskauer Rose LLP and Vam Campen / Liem. The financial details for this transaction are not disclosed.

Investment to drive expansion of the company’s renowned non-banking financial services platform building on Bain Capital’s deep financial services experience in India, as well as Manappuram Finance’s 75-year track record of excellence 

Mumbai / Thrissur – March 20, 2025 – Bain Capital, a leading global private investment firm, today announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance, a Kerala-based non-banking financial company and the 2nd largest gold financier in India through its affiliates i.e., BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the Existing Promoters who will continue to stay fully invested. This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments.

As part of the transaction, Bain Capital will be investing ~INR 4,385 cr to acquire an 18.0% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of INR 236 per share which is at a premium of ~30% over the 6 month average trading price. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18.0% to 41.7% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). Existing Promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees, who uphold its “customer-first” culture. With strong brand recognition, deep customer relationships, and a widespread presence across India, the company has successfully expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider with significant scale and strong growth momentum.

Mr. V.P. Nandakumar, MD & CEO at Manappuram Finance, said, “The journey of Manappuram Finance has been a long and rewarding one, delivering rich dividends to all stakeholders and investors. For me personally, it has been a privilege to lead such a dynamic company that continues to set gold standards in the NBFC sector. As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance. We look forward to a successful partnership that drives innovation and sustained success”

“We are thrilled to partner with Mr. Nandakumar and his team to support Manappuram Finance in its next phase of growth. This collaboration leverages our deep expertise and commitment to sustainably expanding India’s financial services sector, while democratizing access to financial products that foster entrepreneurship and wealth creation across the country,” said Pavninder Singh, Partner at Bain Capital. “Manappuram has developed a robust, diversified platform, and we look forward to providing the necessary capital, strategic resources, and operational expertise to help the company accelerate its growth and continue to lead in the industry.”

“Manappuram Finance is a leader in the non-banking financial sector, with deep expertise and a strong market presence. Manappuram’s commitment to integrity, customer-centricity, and technology-driven innovation has been key to its success, and we are excited to build on these values to further solidify its leadership in the industry,” said Rishi Mandawat, Partner at Bain Capital. “There continues to be a huge opportunity for the company to accelerate growth in the core segments. We are partnering with the family to provide capital for growth and help the company on a professionalization journey that will enable it to drive better operational efficiency and risk management.”

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and globally, including Axis Bank, 360One Wealth & Asset Management, L&T Finance Holdings, Lionbridge Capital, esure, among others.

Bain Capital was advised by Kotak Investment Banking, Boston Consulting Group India, Cyril Amarchand Mangaldas, Ernst & Young LLP, Kirkland & Ellis LLP and Unaprime Investment Advisors while Manappuram Finance, its affiliates and Existing Promoters were advised by Spark Capital and Khaitan & Co.

For more details, please refer to the investor presentation here.

***
About Bain Capital:
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 25 offices on 4 continents, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Manappuram Finance Limited:
Manappuram Finance Ltd. (BSE: 531213, NSE: MANAPPURAM) is one of India’s leading Non-Banking Financial Companies (NBFCs), with a rich legacy spanning over 75 years. Established in 1949 in Valapad, Kerala, the company has grown into a trusted financial institution, serving millions of customers across urban and rural India. From its roots as a gold loan provider, it has evolved into a diversified financial services company, extending vehicle finance, home loans, microfinance, and SME lending to the underbanked and underserved segments of Indian society.

On a consolidated basis, Manappuram Finance Ltd has a nationwide network of 5,357 branches across 28 states and union territories, employing 50,795 professionals committed to its mission of financial inclusion. The company serves a customer base exceeding 6.59 million, with assets under management (AUM) surpassing ₹44,218 crore. To learn more, visit www.manappuram.com.

• CohnReznick is among the fastest-growing professional services firms in the U.S.
• The Apax Funds will partner with CohnReznick to drive growth and strengthen its position as a market leader.

CohnReznick LLP (“CohnReznick” or “the Firm”), one of the United States’ leading advisory, assurance, and tax firms, today announced a strategic growth investment from Funds advised by Apax Partners LLP (“Apax”). The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the Firm’s growth strategy to deliver best-in-class client solutions and create greater career opportunities for employees.

With over 5000 global employees and 350+ partners in 29 offices across the U.S., CohnReznick has a demonstrated track record of above-market organic growth, posting $1.12B in FY25 revenues owing to its deep pool of talented advisers, industry expertise, and extensive service offering. Today, the Firm serves as a trusted adviser to clients in a wide range of industries, including real estate, financial services and financial sponsors, private client services, consumer, manufacturing, renewable energy, and government advisory.

CohnReznick’s delivery of above-market organic growth has been driven by its deep pool of talented advisers and differentiated positioning in key sectors. The Firm holds a strong position in the competitive professional services market, offering a diverse range of services, maintaining industry-leading client satisfaction, and earning recognition as an employer of choice.

In partnership with Apax, CohnReznick intends to invest further in its talent and business to continue to drive growth. Apax will apply its operational expertise and deep experience in professional services to support CohnReznick in advancing its value creation plan, which includes expanding service lines, developing technology-centric client solutions, entering new markets, developing best-in-class talent and advancing its existing tech platform to drive further innovation and efficiency. Apax will also support the Firm in pursuing its targeted acquisitions strategy to further grow its client offering.

David Kessler, CEO of CohnReznick, said: “Our partnership with Apax is a milestone moment in CohnReznick’s history. We have consistently delivered strong growth and cemented our position in the mid-market, thanks to our best-in-class talent, industry expertise, and comprehensive service offerings. This strategic investment from the Apax Funds will help us continue on our growth trajectory, expanding our solutions and geographic presence to meet client needs while continuing to create exciting career growth for our people. We were impressed by the Apax team’s track record in the professional services sector and their experience in driving operational excellence in complex businesses like ours, while continuing to create a best-in-class experience for employees and clients.”

Ashish Karandikar, Partner at Apax Partners, said: “Over the past two years, we have built a strong relationship with the CohnReznick team and have been deeply impressed by the company’s culture, vision, and the consistent growth they have achieved. We are excited to partner with David and the firm’s leadership team to fuel the next phase of growth. Together, we aim to accelerate service line expansion, explore new geographic opportunities, and drive innovation. We look forward to what we are confident will be a highly successful and rewarding partnership.”

Following the closing of the transaction, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services and Kelly O’Callaghan will serve as CEO — and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other non-attest services, led by David Kessler as CEO.

Apax was advised by Guggenheim Securities, LLC and CohnReznick was advised by William Blair & Company, LLC. Koltin Consulting Group served as an additional financial advisor to both Apax and CohnReznick.

The group is formed by Crowe Osborne, Frejs Revisorer, RSM Göteborg and Qrev – four reputable audit firms recognized for their long-term customer relationships, highly qualified employees and leading positions within their respective markets. While maintaining their local brands and leadership, the firms will jointly invest in digitalization, quality assurance and employee development. The group aims to become the leading advisor for entrepreneur-led companies and other customers in non-regulated markets in Sweden.

The demand for audit and advisory services is growing rapidly, driven by an increasingly complex regulatory environment and the rising need for tailored and qualified advisory services. At the same time, audit firms increasingly need to invest in key areas such as digitalization and employee development. In order to address these trends, four leading audit firms have formed a group focused exclusively on audit and advisory for customers in non-regulated markets.

The strategic goal is to become the most attractive employer in the audit industry, while delivering the highest levels of customer satisfaction. Emphasizing entrepreneurship and long-term customer relationships, the group will continue to operate under local brands and leadership, while leveraging joint resources to invest in critical areas such as digitalization, quality assurance, employee development and recruitment.

Svante Forsberg, with extensive experience in the audit industry, will assume the role of Chairman. He comments: ”The group will be a unique market player, targeting a segment with significant customer demand. The firms will retain their long-term customer relationships and a strong entrepreneurial culture, while benefitting from being part of a larger group – truly the best of both worlds”.

The group will have combined revenues of SEK c. 400m and more than 200 employees and is well-positioned for growth. Adelis becomes minority owner to support strategic investments and growth through acquisitions of similar audit firms.

”Adelis has followed the audit industry closely over many years and sees an interesting shift in the market with new regulations and a continuing trend towards digitalization, creating attractive opportunities for a group with greater resources. We see significant growth potential and will seek like-minded entrepreneurs to join us on this journey”, say Erik Hallert and Jakob Wedenborn at Adelis Equity Partners

The transaction is expected to close in February 2025, subject to receiving all customary regulatory approvals.

For further information:

Svante Forsberg, Chairman

Phone: +46 733 972 210

E-mail: svante@kungskroka.se

Erik Hallert, Adelis Equity Partners

Phone: +46 709 36 80 41

E-mail: erik.hallert@adelisequity.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 44 platform investments and more than 250 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.