Bank of Montreal has agreed to buy Radicle Group, an environmental strategies company in Calgary.
The Canadian bank said in a press release Wednesday that it expects to close the deal by the end of this year. The price was not disclosed.
Radicle develops carbon offsets and helps organizations measure and reduce emissions.
The acquisition “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,” Dan Barclay, CEO of BMO Capital Markets, said in the release.
“Radicle’s leading expertise and innovative solutions make BMO a leader in carbon credit development capabilities and the environmental commodity market,” Barclay added. “These capabilities enhance our commitment to help our clients understand and manage the risks and opportunities of energy transition.”
Radicle’s management team, including CEO Saj Shapiro, and employees will become part of BMO Capital Markets’ global markets group.
BMO Capital Markets and Torys advised BMO. Citi and Borden Ladner Gervais advised Radicle.