Vantiv Inc. (NYSE: VNTV) has reached a deal with payment processor Moneris Solutions Corp. to acquire the seller’s U.S. business, Moneris USA. The deal is expected to close by year-end 2016 and values the target at approximately $425 million.
Moneris USA is a Schaumburg, Illinois-based provider of payment processing services. The target sells gift card packages, standalone and mobile point-of-sale hardware, and payment processing software. Moneris USA was established in 2000 as the U.S. subsidiary of Moneris Solutions, a joint investment between BMO Financial Group (NYSE: BMO) and Royal Bank of Canada. The target processed nearly $12 billion in 2015.