BMO Financial Group (TSX: BMO) (NYSE: BMO) and Royal Bank of Canada have agreed to sell their jointly-owned Moneris Solutions Corporation to Francisco Partners for approximately $2.0 billion in cash.
BMO's share of the proceeds will be 50 percent.
Upon completion of the sale, BMO and RBC will establish new exclusive, long-term referral arrangements with Moneris.
The transaction is anticipated to be finalized by the end of the first quarter of fiscal year 2027.
BMO Capital Markets served as the financial advisor, while Osler, Hoskin and Harcourt LLP provided legal counsel to BMO.
"For 25 years, Moneris has earned the trust of Canadian businesses by delivering secure, reliable and innovative payment solutions," said Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking, BMO.