Overview
- Francisco Partners has signed a definitive agreement to acquire Moneris from Bank of Montreal and Royal Bank of Canada for about C$2.0 billion, with each bank set to receive half the cash proceeds.
- BMO and RBC have agreed to long-term exclusive referral arrangements to continue sending customers to Moneris as part of the deal.
- The transaction names industry veteran Jeff Sloan as Moneris chairman and Francisco Partners says it will invest in product innovation and platform expansion while keeping Moneris leadership, head office and core technology operations in Canada.
- The sale must clear Canadian regulatory checks, including review under the Retail Payment Activities Act and the Competition Act, and it faces customary closing conditions before it can be completed by the end of the banks’ fiscal first quarter of 2027.
- The announcement prompted public debate about U.S. ownership of Canadian tech infrastructure and concerns about digital sovereignty, and both banks saw their shares rise on the news; customers, employees and regulators will watch whether referral contracts and local operations protect continuity.