RBC and BMO Sell Moneris to Francisco Partners for $1.4 Billion

Two of Canada's largest banks, Royal Bank of Canada (RBC) and Bank of Montreal (BMO), have agreed to sell payments firm Moneris Solutions Corp. to private equity firm Francisco Partners for C$2 billion ($1.4 billion).

The sale is a significant one, as Moneris provides point-of-sale machines and other payment services to thousands of businesses in Canada.

According to the agreement, RBC and BMO will each record a large gain on the sale of the business, with the two Toronto-based banks sharing the proceeds equally.

The sale price represents a significant return for the banks, which had invested heavily in Moneris over the years.