BMO to Sell Truck, Trailer Financing Businesses to Stonepeak

Bank of Montreal agreed to sell its business that finances trucks, trailers and equipment to Stonepeak, offloading a portfolio that totals about C$14.5 billion ($10.6 billion).

BMO expects to record a net after-tax charge of about C$900 million in the third quarter, according to a statement Monday. Stonepeak will buy the businesses with a cash consideration, which wasn’t disclosed, and an earnout that’s contingent on certain targets.