Vantiv, the second largest payment processing solution company in the U.S., has plans to buy Moneris Solutions USA for $425 million.
Cincinnati-based Vantiv announced that the acquisition will further the company’s growth not only in payments, but also with merchant bank channels. Vantiv currently works with more than 800,000 merchant locations and 1,400 financial institutions.
Schaumburg, Ill.-based Moneris USA is a subsidiary of Moneris, which is a joint investment between BMO Financial Group and Royal Bank of Canada. Last year Moneris USA processed about $12 billion in U.S. transactions, and its relationship with BMO Harris Bank connects to approximately 600 branches in the United States.
“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 chief executive officer of Moneris. “Working together with Vantiv, Moneris will continue to support our mutual cross-border customers with a focus on innovation and service.”
The acquisition is slated to be finalized by the end of the year. According to a release, Vantiv representatives expect that the acquisition will “have an immaterial impact on its 2016 results and be accretive to its pro forma–adjusted net income in 2017.”