Global investment firm Francisco Partners agreed to buy Moneris, a Canadian commerce solutions provider, from the Bank of Montreal and the Royal Bank of Canada for 2 billion Canadian dollars ($1.43 billion) in cash.

The two banks will each receive half of the cash consideration, FP said Monday. Both banks also agreed to long-term, exclusive customer referral agreements with Moneris, FP said.

Jeff Sloan, the former chief executive of Global Payments, will become chairman of Moneris as part of the deal.

"With Francisco Partners' deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations," Moneris Chief Executive James Hicks said.

The deal is expected to close within the first quarter of fiscal year 2027 for the two banks.