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RBC, BMO Sell Payments Firm Moneris to Francisco Partners in C$2 Billion Deal

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Francisco Partners has entered into a definitive agreement to acquire Canadian payments company Moneris Solutions from Bank of Montreal (BMO.TO) and Royal Bank of Canada (RY.TO) for about C$2 billion in cash, the companies said.

BMO and RBC will each receive 50% of the proceeds from the transaction.

The companies also established long-term referral agreements under which BMO and RBC will exclusively refer customers to Moneris.

The transaction is subject to customary regulatory approvals and closing conditions.

Jeff Sloan, former CEO of Global Payments (GPN) will join Moneris as chairman.

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