Royal Bank of Canada and BMO Financial Group have agreed to jointly sell Moneris Solutions Corp.
Payment processing company Moneris says it will be acquired by Francisco Partners for a cash consideration of about $2 billion, with BMO and RBC each receiving a 50% share.
Following the closing of the transaction, RBC and BMO will enter into a long-term customer referral arrangement with Moneris.
The deal remains subject to closing conditions and regulatory approvals, and is expected to close by the end of the first quarter of the 2027 fiscal year.
As part of the transaction, Jeff Sloan, former CEO of Global Payments Inc., will join the Moneris board as chairman.
James Hicks, president and CEO at Moneris, says that Francisco Partners brings deep global expertise in technology and payments and is well positioned to accelerate its strategy.