RBC, BMO sell Moneris to Francisco Partners for $1.44bn

By Milan Rojan

Royal Bank of Canada (RBC) and Bank of Montreal (BMO) have agreed to sell Canadian payments provider Moneris Solutions to global investment firm Francisco Partners in a transaction valued at approximately $1.44 billion.

Moneris, which has been jointly owned by RBC and BMO since 2000, has entered into a definitive agreement under which Francisco Partners will acquire the company for cash consideration. Each of the two banks has received 50% of the proceeds under the terms of the deal.

The acquisition has marked a change in ownership for one of Canada’s largest commerce and payments technology providers, which serves businesses across the country with payment processing and related solutions.

James Hicks, chief executive of Moneris, has said the transaction has represented the next stage in the company’s development and has positioned it to accelerate its growth strategy. He has added that Moneris will continue operating with its existing leadership, values and focus on Canadian businesses.

BMO and RBC have said they expect their clients to continue receiving support through ongoing referral arrangements following completion of the transaction.

Francisco Partners has said it sees opportunities to invest further in Moneris’ technology platform, product innovation and long-term expansion while maintaining the company’s established relationships with Canadian financial institutions and merchants.

As part of the transaction, former Global Payments chief executive Jeff Sloan has joined Moneris as chairman. He has said the investment has provided the company with additional resources to build on its market position and strategic plans.

The deal remains subject to customary closing conditions and regulatory approvals. It is expected to close by the end of the first quarter of RBC and BMO’s 2027 fiscal year.

Moneris has recently expanded its technology initiatives, including work aimed at supporting emerging agentic commerce capabilities in the Canadian payments market.