Payment processor Vantiv has agreed to acquire the US-based subsidiary of payment processor Moneris Solutions in a transaction valued at $425m.
Upon completion of the transaction, Vantiv will start servicing Moneris USA's merchants and other business relationships, including its relationship with BMO Harris Bankthat manages nearly 600 branches in the US.
Commenting on the deal, Vantiv president and CEO Charles Drucker said: “Acquiring Moneris USA will further accelerate Vantiv's growth in key high-growth channels.
“We look forward to serving their technology and bank partners with our deep payments expertise and strong customer service."
Moneris president and CEO Angela Brown said: “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 omni-channel payments capabilities.
“Working together with Vantiv, Moneris will continue to support our mutual cross-border customers with a focus on innovation and service."
The transaction, which is subject to US antitrust clearance and other customary closing conditions, is likely to conclude during the fourth quarter of 2016.