BMO Financial Group has reached a definitive agreement to buy Canada-based Radicle Group, an environmental services provider, to improve its emissions measurement skills.
Radicle Group is a specialist in sustainability advisory services and solutions. The company also provides technologically empowered emissions measurement and management services.
Established in 2008, Radicle Group currently employs 130 people and serves more than 4,000 clients across the world.
Financial and other terms of the latest deal were not revealed.
The deal, which is subject to regulatory approvals and other customary conditions, is anticipated to be completed by the end of this year.
Following the deal completion, the management and staff of Radicle Group will operate under BMO Capital Markets’ Global Markets group.
BMO Capital Markets CEO Dan Barclay said: “The acquisition of Radicle supports BMO’s Climate Ambition to be our clients’ lead partner in the transition to a net-zero world, and the progress we’re making for a thriving economy, a sustainable future, and an inclusive society.
“Radicle’s leading expertise and innovative solutions make BMO a leader in carbon credit development capabilities and the environmental commodity market.
“These capabilities enhance our commitment to help our clients understand and manage the risks and opportunities of energy transition.”
BMO noted that carbon markets help in reducing the effects of climate change and facilitate the development of a sustainable future.
Recently, carbon markets have seen a significant expansion across the globe since businesses and individuals help develop technologies required to achieve net zero emissions.
In December last year, BMO Financial Group announced that its fully-owned subsidiary BMO Harris Bank signed a deal to buy Bank of the West and its subsidiaries from BNP Paribas for $16.3bn in cash.
The deal has enabled BMO to achieve its strategic, financial, and cultural goals, said the company.