Royal Bank of Canada and BMO Financial Group will sell their jointly owned payments processor, Moneris, to Francisco Partners, a US technology-focused private equity firm, for roughly C$2 billion in cash. Jeff Sloan, the former CEO of Global Payments, will join Moneris as chairman as part of the transaction. Sponsored · Selkirk Copper MinesBoth banks will enter new exclusive, long-term customer referral arrangements with Moneris once the sale closes. Moneris CEO James Hicks told Reuters the company’s ties to both banks “extend well beyond ownership.” Reuters first reported RBC and BMO were exploring a Moneris sale about a year ago, in a deal that could value the business around $2 billion — a price that held up almost exactly once the deal actually got done.