Why Canadian payments platform Moneris is being sold to U.S. private equity

Canadian commercial solutions and payment processing platform Moneris will soon have a new owner in an American private equity firm.

Moneris, one of Canada’s largest commerce solutions providers, is jointly owned by the Bank of Montreal and the Royal Bank of Canada. American private equity firm Francisco Partners, which specializes in dealing with technology companies, will buy the platform for $2 billion, Moneris said in a statement.

RBC and BMO will each get a 50 per cent share from the Moneris sale. Both banks saw their shares jump on Monday.

Partnering with the U.S. private equity firm will help Moneris “broaden the wide choice of…

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