Moneris USA acquired by Vantiv

Illinois-based Moneris USA is the US subsidiary of Moneris, which is a joint investment between BMO Financial Group and Royal Bank of Canada.

Vantiv serves more than 800,000 merchant locations and 1,400 financial institutions.

Upon closing the transaction, Vantiv will begin servicing Moneris USA merchants and other business relationships, including its relationship with BMO Harris Bank, which operates approximately 600 branches in the US Moneris USA processed approximately USD 12 billion in US transaction volume in 2015.

The transaction is expected to close in the fourth quarter of 2016, subject to required US antitrust clearance and other customary closing conditions. Vantiv will fund the transaction with cash-on-hand. Vantiv expects the acquisition to have an immaterial impact on its 2016 results and be accretive to its pro forma adjusted net income in 2017.