BMO Transportation and Vendor Finance acquisition

Stonepeak agreed on 11 May 2026 to acquire BMO's Transportation Finance and Vendor Finance businesses. BMO plans to retain a 19.9% minority interest. The Irving-based platform finances trucks, trailers and equipment across agriculture, construction and other markets, with more than 700 employees and operations in Canada and the United States. Gary Kempinski is expected to continue leading the business after closing. PGIM provides asset-based financing and Bank of America serves as lead bank financing arranger. Skadden and Blake Cassels supplied Stonepeak's legal advice. Closing was expected in the fourth quarter of 2026, subject to conditions and approvals; consideration was not publicly disclosed in the announcement.