Francisco Partners Buys Moneris for C$2 Billion, Expanding Payments Infrastructure
Canada's Moneris Solutions Corporation has been acquired by Francisco Partners for approximately C$2.0 billion ($1.44 billion USD) in cash, with each of Royal Bank of Canada and Bank of Montreal receiving a 50 percent share of the proceeds.
The deal marks the end of a quarter-century joint ownership between the two banks, who created Moneris as a 50/50 joint venture in December 2000 to process one-in-three business transactions in Canada.
Francisco Partners has spent years building a concentrated position in payments infrastructure, and the acquisition makes its position visible. Its portfolio already includes Verifone, which it acquired in 2018 for approximately $3.4 billion in a take-private, and Paysafe, among others.
The company's new Chairman will be Jeff Sloan, who served as President of Global Payments from 2010 to 2023 and transformed the firm into one of the largest payments technology companies in the world.