S&P Global Spins Off Mobility Unit in $3.1 Billion Deal
The data provider completed the separation of its Mobility division into a standalone company with $1.75 billion in annual revenue.
S&P Global (SPGI) completed the separation of its Mobility division into Mobility Global Inc., a new publicly traded company, effective July 1, 2026. The move followed the filing of a Form 10 registration statement in May and marked the culmination of a strategic shift to streamline operations and sharpen focus on core financial-data businesses.
The standalone Mobility Global reported $1.75 billion in revenue for fiscal 2025, up 8.5% from the prior year and reflecting an 8.6% compound annual growth rate over the past three years. The division’s adjusted EBITDA margin reached 40.6% in 2025, a new disclosure for the independent entity. Revenue was split between CARFAX, which contributed 65% of the total, and B2B Solutions, which accounted for the remaining 35%. U.S. operations dominated the business, generating 83% of revenue, while international markets contributed 17%.
CARFAX revenue grew to $1.142 billion in 2025, up 10% from the prior year and driven by an 11% CAGR since 2023. Subscriptions made up 81% of CARFAX’s revenue, underscoring the unit’s recurring-revenue model. The platform’s dataset expanded to over 38 billion vehicle history records, up from 26 billion in 2023, with contributions from more than 177,000 data sources. B2B Solutions, meanwhile, reported $608 million in revenue, a 6% increase from 2024, though growth slowed to a 4.5% CAGR over the same period. Subscriptions also dominated this segment, representing 82% of revenue.
Separately, S&P Global sold its 50% stake in OSTTRA, a post-trade solutions joint venture with CME Group, to KKR for $3.1 billion in April 2025. The transaction removed OSTTRA-related financials from S&P Global’s reporting and provided capital to support the Mobility separation. Mobility Global disclosed a $78 billion total addressable market, with $40 billion attributed to core and extended markets and $38 billion to adjacent opportunities. The company also reported 215 million daily behavior prediction scores generated by its AI-driven products, a new operational metric for the standalone entity.
S&P Global said it will issue recast financial information for full-year 2025, the four quarters of 2025, and the first quarter of 2026 to reflect the separation of Mobility Global. The company did not provide updated guidance for its remaining businesses, though management indicated the recast figures would offer clearer visibility into post-separation performance. The spin-off and asset sale together reshape S&P Global’s portfolio, narrowing its focus to ratings, market intelligence, and commodity insights.