Moneris Solutions Corporation Sells U.S. Subsidiary to Vantiv, Inc. for $429.6 MillionDecember 21, 2016
S&C client Moneris Solutions Corporation completed the previously announced sale of its U.S. subsidiary, Moneris Solutions, Inc. (Moneris USA), to a subsidiary of Vantiv, Inc. for $429.6 million, subject to certain adjustments.
Moneris, one of North America's largest providers of payment processing solutions, is a joint venture between Royal Bank of Canada and Bank of Montreal. Vantiv is a leading provider of payment processing services and related technology solutions. Upon closing of the transaction, Vantiv began servicing Moneris USA's merchants and other business relationships, including its relationship with BMO Harris Bank, which operates approximately 600 branches in the United States.
The S&C M&A team on the transaction is led by Andrew Gerlach and Donald Toumey, along with Eric Diamond and Blake Schell. Spencer Simon and Joshua Steinberger are advising on intellectual property matters, Rebecca Coccaro and Joshua Green are advising on executive compensation and benefits matters, Ronald Creamer and Jameson Lloyd are advising on tax matters, Ari Blaut is advising on financing matters, and Joseph Matelis and Eric Queen are advising on antitrust matters.