U.S. Private Equity Firm to Acquire Canadian Payments Leader Moneris for $2 billion
Royal Bank of Canada and Bank of Montreal are selling their joint venture Moneris to U.S. private-equity group Francisco Partners for $2 billion, sparking worries about Canadian digital privacy.
Royal Bank of Canada and Bank of Montreal disclosed that they will sell their jointly owned payments company Moneris to American private-equity firm Francisco Partners for $2 billion, with RBC expecting roughly $475 million after tax and BMO about $600 million. Moneris processes more than $5 billion in transactions annually across over 325,000 points of commerce, making the sale a focal point for concerns over Canada’s digital sovereignty.
Critics, including privacy advocate Sharon Polsky and Independent Senator Colin Deacon, argue that U.S. ownership could allow foreign governments or law-enforcement agencies to access Canadians’ purchasing records. The move comes as Canada debates new privacy legislation, notably Bill C-36, which aims to strengthen data protection but has been described as insufficient by privacy experts. Both banks declined further comment, while Moneris pledged continuity of service under the new owners. The deal still awaits approval under the Competition Act and is expected to finalize by the end of the banks’ fiscal first quarter in 2027.
Why it matters
The sale could give U.S. authorities access to Canadian consumers' payment data, raising national privacy and sovereignty concerns.
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