By Josh Beckerman
Payment processor Vantiv Inc. (VNTV) agreed to buy Moneris Solutions USA for $425 million, subject to adjustments.
Moneris Solutions USA is part of Moneris Solutions Corp., which is a joint venture of Royal Bank of Canada (RY, RY.T) and Bank of Montreal (BMO, BMO.T). The business processed about $12 billion of U.S. transaction volume last year.
Vantiv expects to close the deal in the fourth quarter and projects it will add to pro forma adjusted earnings in 2017.
Last month, Vantiv increased its 2016 earnings andrevenue guidance. It projected revenue of $1.89 billion to $1.9 billion. The company includes operations spun off from Fifth Third Bancorp (FITB).
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(END) Dow Jones Newswires
November 10, 2016 19:37 ET (00:37 GMT)
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