Francisco Partners is set to acquire Canadian payment solutions provider Moneris in a cash transaction valued at approximately C$2bn ($1.44bn).
The private equity firm has signed a definitive agreement with Bank of Montreal (BMO) and Royal Bank of Canada (RBC) to purchase the Toronto-headquartered business.
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BMO and RBC, which have jointly owned Moneris, will each receive 50% of the proceeds.
Moneris supports payment acceptance and management for businesses across Canada, covering more than 325,000 points of commerce.
Its product set includes in-store terminals, self-serve kiosks, mobile point-of-sale tools, online checkout integrations and an all-in-one ecommerce platform.
As part of the transaction, Jeff Sloan, former President and CEO of Global Payments, will join Moneris as chairman.
Moneris president and CEO James Hicks said: “This announcement marks an exciting next step in Moneris’ continued evolution as the company that powers Canadian commerce.
“With Francisco Partners’ deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations.”
Alongside the acquisition, Moneris, BMO and RBC have also agreed long-term referral arrangements. Under the terms, BMO and RBC will exclusively refer customers to Moneris.
In a statement, Moneris said its commitment to serving Canadian businesses will “remain unchanged”. The company has around 2,000 team members in the country.
The deal is expected to close by the end of the first quarter of BMO and RBC’s fiscal year 2027. Completion remains subject to customary closing conditions and regulatory approvals.
In a separate statement, RBC said that it expects an after-tax gain of approximately C$475m on closing.
Sean Amato-Gauci, RBC Commercial Banking group head, said: “Moneris has played a central role in enabling Canadian businesses to modernise and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem.
“We’re eager to see the accelerated investment in innovation and modernised solutions Moneris can bring to our valued business clients and the Canadian market.”
