Moneris Sold to US Private Equity Firm for $2 Billion

Canadian payments platform Moneris is being sold to American private equity firm Francisco Partners for $2 billion. The deal, valued at a whopping $2 billion, will see both Bank of Montreal and Royal Bank of Canada, which jointly own Moneris, receive a 50% share.

According to James Hicks, President and CEO at Moneris, partnering with Francisco Partners will help the platform 'broaden the wide choice of solutions, support and experiences we deliver to businesses.'

Peter Christodoulo, a partner at Francisco Partners, added that they plan to invest in innovation, expand the platform, and foster long-term growth while preserving Moneris' Canadian identity.