Aug 10 (Reuters) – 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.
“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)
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar and Diti Pujara)
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