RBC, BMO to sell Moneris to Francisco Partners in $1.44 billion deal
RY•RBC expects an after-tax gain
"The deep relationships we have built with BMO and RBC extend well beyond ownership. Their decision to establish long-term referral agreements and maintain ongoing commercial relationships with Moneris reflects the confidence both organizations have," said Moneris CEO James Hicks.
RBC said it expects to record an after-tax gain of about C$475 million from the sale, which is expected in the first quarter of fiscal 2027.
($1 = 1.3937 Canadian dollars)
RBC and BMO agree to sell Moneris
Royal Bank of Canada and BMO Financial Group on Monday agreed to sell jointly owned Moneris Solutions to technology investment firm Francisco Partners in a deal valued at C$2 billion ($1.44 billion).
Moneris, founded 25 years ago, is one of Canada's largest commerce solutions providers, helping businesses accept and manage payments.
BMO and RBC will each receive a 50% share from the sale.
