RBC and BMO Unload Moneris for $2 Billion

Royal Bank of Canada (RBC) and BMO Financial Group have agreed to sell their jointly owned subsidiary, Moneris Solutions Corporation, to Francisco Partners for approximately $2 billion. The deal is expected to close by the end of the first quarter of fiscal 2027, subject to regulatory approvals.

RBC expects to record an after-tax gain of around $475 million ($560 million pre-tax), while BMO projects a larger after-tax gain of approximately $600 million ($620 million pre-tax).

The sale marks the end of Moneris' 25-year history as a Canadian payments institution, which has grown to handle over one-third of card transactions in Canada. The company processes roughly 325,000 points of commerce and employs around 1,900 people.