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BusinessActive · 26h ↳ RBC, BMO sell Moneris to Francisco Partners for $2 billion

RBC, BMO sell Moneris to Francisco Partners for $2 billion

Canada's largest banks divest their jointly-owned payment processor to U.S. private equity firm after 25+ years of ownership.

16 items0 engagement0 comments Google NewsMastodonTechmeme
RBC, BMO sell Moneris to Francisco Partners for $2 billion
theglobeandmail.com

Conversation activity · last 27 hours peak 7/30m

Peak 7 items in one 30m at Aug 10, 7 PM; 16 items over 27 hours Aug 10, 6:06 PM — no itemsAug 10, 6:36 PM — 5 items · Google News 5Aug 10, 7:06 PM — 7 items · Google News 6, Mastodon 1Aug 10, 7:36 PM — no itemsAug 10, 8:06 PM — no itemsAug 10, 8:36 PM — no itemsAug 10, 9:06 PM — no itemsAug 10, 9:36 PM — no itemsAug 10, 10:06 PM — no itemsAug 10, 10:36 PM — no itemsAug 10, 11:06 PM — no itemsAug 10, 11:36 PM — no itemsAug 11, 12:06 AM — no itemsAug 11, 12:36 AM — no itemsAug 11, 1:06 AM — no itemsAug 11, 1:36 AM — no itemsAug 11, 2:06 AM — no itemsAug 11, 2:36 AM — no itemsAug 11, 3:06 AM — no itemsAug 11, 3:36 AM — no itemsAug 11, 4:06 AM — no itemsAug 11, 4:36 AM — no itemsAug 11, 5:06 AM — no itemsAug 11, 5:36 AM — no itemsAug 11, 6:06 AM — no itemsAug 11, 6:36 AM — no itemsAug 11, 7:06 AM — no itemsAug 11, 7:36 AM — no itemsAug 11, 8:06 AM — no itemsAug 11, 8:36 AM — no itemsAug 11, 9:06 AM — no itemsAug 11, 9:36 AM — no itemsAug 11, 10:06 AM — no itemsAug 11, 10:36 AM — no itemsAug 11, 11:06 AM — no itemsAug 11, 11:36 AM — no itemsAug 11, 12:06 PM — no itemsAug 11, 12:36 PM — no itemsAug 11, 1:06 PM — no itemsAug 11, 1:36 PM — 1 item · Mastodon 1Aug 11, 2:06 PM — no itemsAug 11, 2:36 PM — 3 items · Techmeme 3Aug 11, 3:06 PM — no itemsAug 11, 3:36 PM — no itemsAug 11, 4:06 PM — no itemsAug 11, 4:36 PM — no itemsAug 11, 5:06 PM — no itemsAug 11, 5:36 PM — no itemsAug 11, 6:06 PM — no itemsAug 11, 6:36 PM — no itemsAug 11, 7:06 PM — no itemsAug 11, 7:36 PM — no itemsAug 11, 8:06 PM — no itemsAug 11, 8:36 PM — no items 7 items · 7:06 PM
Aug 118 AM4 PMnow · 9:06 PM

Summary, timeline and people extracted by Claude from 16 items across 3 sources · 5h ago. Quotes are verbatim.

Royal Bank of Canada and Bank of Montreal have agreed to jointly sell Moneris Solutions Corp., a major Canadian payment processing company, to Francisco Partners for approximately $2 billion in cash, with each bank receiving 50% of the proceeds. The deal is subject to regulatory approvals and is expected to close by end of Q1 2027. Following the sale, RBC and BMO will maintain a long-term customer referral relationship with Moneris.

  • RBC and BMO divest Moneris, a major Canadian payment processor, after 25+ years of joint ownership to U.S. private equity firm Francisco Partners for $2 billion.
  • Each bank receives $1 billion (50% split) and maintains long-term customer referral relationships post-closing.
  • Deal subject to regulatory approvals; expected to close by end of Q1 2027.
  • Jeff Sloan (former Global Payments CEO) joins as board chairman; concerns raised on social media about Canadian tech sovereignty.

How it unfolded

  1. Reaction Tech sovereignty concerns raised

    Social media commentary expresses concern about sale to U.S. private equity firm and Canadian tech independence.

    “US tech independence fail. If another the Govt could block that shite.”

    hub@cosocial.ca · Mastodon ↗
  2. Report Executive endorsement

    James Hicks, Moneris president and CEO, expresses confidence that Francisco Partners' global expertise positions the company to accelerate its strategy.

    “Francisco Partners brings deep global expertise in technology and payments and is well positioned to accelerate its strategy.”

    James Hicks · Google News ↗
  3. Report Media coverage spreads

    Story picked up across Canadian financial and news outlets including Globe and Mail, Financial Post, CP24, and Toronto Star.

  4. Event Sale announcement

    RBC and BMO announce agreement to sell Moneris to Francisco Partners for $2 billion cash. Each bank will receive equal 50% proceeds and maintain a long-term customer referral arrangement post-closing.

  5. Event Leadership transition confirmed

    Jeff Sloan, former CEO of Global Payments Inc., will join Moneris board as chairman as part of the transaction.

What people are saying verbatim

“Francisco Partners brings deep global expertise in technology and payments and is well positioned to accelerate its strategy.”

James Hicks, Moneris president and CEO · Castanet/RBC announcement ↗ · Aug 9

“Payment processing company Moneris says it will be acquired by Francisco Partners for a cash consideration of about $2 billion, with BMO and RBC each receiving a 50 per cent share.”

RBC and BMO, Joint sellers · Castanet ↗ · Aug 9

“Following the closing of the transaction, RBC and BMO will enter into a long-term customer referral arrangement with Moneris.”

RBC and BMO, Joint sellers · The Globe and Mail ↗ · Aug 9

“US tech independence fail. If another the Govt could block that shite.”

hub@cosocial.ca, Social media commenter · Mastodon ↗ · Aug 10