Vantiv Will Buy U.S. Subsidiary of Moneris
Vantiv, which sells payment processing services and technology, said that it will pay $425 million to buy U.S.-based merchant acquirer Moneris Solutions Inc. from Moneris Solutions Corp., which is headquartered in Canada.
The deal, expected to close later this year, will enable Vantiv to service U.S. clients of Moneris, which in 2015 processed about $12 billion in U.S. transaction volume, Vantiv said. Moneris also serves BMO Harris Bank, which has about 600 U.S. branches.
That adds to Vantiv’s client base of some 800,000 retail locations and 1,400 financial institutions.
“The acquisition will enable Moneris USA to continue its successful path and provide merchants the high-level of service they’ve come to expect while leveraging Vantiv’s scale and omnichannel payments capabilities,” said Angela Brown, president and CEO of Moneris. “Working together with Vantiv, Moneris will continue to support our mutual cross-border customers with a focus on innovation and service.
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