TORONTO – U.S.-based Vantiv, Inc. is buying an American subsidiary of Toronto-based payment processor Moneris Solutions Corp. for US$425 million.
Upon completion of the deal, Vantiv will begin servicing merchants and other business relationships of Schaumburg, Ill.-based subsidiary Moneris Solutions, Inc.
The servicing arrangement will include BMO Harris Bank which operates about 600 branches in the U.S.
Vantiv serves more than 800,000 merchant locations and 1,400 financial institutions.
Moneris Solutions, Inc. processed about US$12 billion in transaction volume in 2015.
The deal is expected to close in the fourth quarter of this year, pending certain adjustments.