The Bank of Montreal has agreed to sell its truck and trailer financing business to Stonepeak for C$14.5 billion. The transaction, announced by the bank, covers a portfolio of loans and leases tied to commercial trucks and trailers.
The transaction
Stonepeak is the buyer. The deal values the unit at C$14.5 billion. No other terms were disclosed. The business provides financing for a range of vehicles used in the transportation industry.
What the deal includes
The sale includes the bank's truck and trailer financing operations. The exact scope of assets and liabilities transferred was not detailed. The bank said the move is part of its ongoing review of its business portfolio.
