TORONTO — BMO Monetary Group says it signed an settlement with U.S.-based Stonepeak for the sale of the financial institution’s transportation and vendor finance companies.
BMO says its transportation finance enterprise gives specialised financing for vans and trailers whereas its vendor finance enterprise gives tools financing by way of authentic tools producers and supplier networks.
The mixed mortgage and lease portfolios for the companies within the U.S. and Canada totalled round $14.5 billion as of March 31.
Underneath the phrases of the settlement, Stonepeak will purchase the property of the companies from BMO for money consideration and an earnout, dependent upon the enterprise reaching sure future efficiency targets.
BMO says it’s going to use a portion of the proceeds to put money into a 19.9 per cent fairness curiosity within the new entity.
The transaction is anticipated to shut within the fourth quarter of 2026.
This report by The Canadian Press was first printed Could 11, 2026.
Firms on this story: (TSX:BMO)
The Canadian Press
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