RBC To Sell Moneris To Francisco Partners For Abt $2 Bln
(RTTNews) - Royal Bank of Canada (RY), the Canadian banking and financial institution, Monday along with BMO Financial Group, announced that it has agreed to sell jointly-owned Moneris Solutions Corp…
(RTTNews) - Royal Bank of Canada (RY), the Canadian banking and financial institution, Monday along with BMO Financial Group, announced that it has agreed to sell jointly-owned Moneris Solutions Corporation, a commerce solutions provider, to Francisco Partners, a technology investment firm, for approximately $2 billion in cash.
Along with the closing of this transaction, RBC and BMO will enter into new exclusive, long-term customer referral arrangements with Moneris.
Post transaction close, RBC is expected to gain around $475 million after-tax which will be treated as an adjusted item and is not surmised to have a significant impact on the bank's future run rate earnings.
"With access to Francisco Partners' global platform, Moneris is expected to accelerate modernization and growth across small, medium and enterprise businesses in the Canadian marketplace.", RBC said in a statement.
The deal is expected to close by first quarter of fiscal 2027.
On Monday, RY shares closed at $210.79, down 0.14% on the New York Stock Exchange.
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