Why Canadian payments platform Moneris is being sold to U.S. private equity
This came just days after U.S. chipmaking giant AMD said it would acquire Taalas, one of Canada’s largest semiconductor manufacturers.
Canadian payments platform Moneris announced it will be sold to U.S. private equity firm Francisco Partners for $2 billion. Moneris, a joint venture between Bank of Montreal and Royal Bank of Canada, is one of Canada's largest commerce solutions providers. The sale will see both banks each receiving a 50 per cent share of Moneris.
Moneris CEO James Hicks stated that partnering with Francisco Partners will broaden the platform's solutions and support for businesses. Francisco Partners, known for investing in technology companies, promised continued support for innovation and growth while maintaining Moneris's Canadian identity. The Moneris sale comes amid growing concerns about the influence of U.S. tech giants in Canada, such as the recent warning from Prime Minister Mark Carney about the "digital sovereignty" of Canadians.
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