Note 15—Subsequent Events

Pending Acquisition

On July 21, 2025, we announced that we had entered into a definitive agreement to acquire Colossus Topco Limited, the parent company of Calastone Limited, from a global private equity firm. The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approvals. The purchase price is approximately £766 million (which is approximately US $1.03 billion), subject to certain adjustments. We intend to borrow, on an uncommitted basis and subject to market and other conditions, sufficient funds to finance all or a portion of the cash consideration payable in connection with the acquisition, to pay related expenses in connection with the acquisition, and, if applicable, for general corporate purposes.

Enactment of the One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes a broad range of tax reform provisions for businesses, including extensions of key Tax Cuts and Jobs Act provisions, modifications to the international tax framework, and restoration of favorable tax treatment for certain business provisions. Certain provisions of the legislation will become effective in 2025 while others are effective in 2026. We are currently evaluating the impact of the new legislation on our Consolidated Financial Statements.