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BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services

Acquisition makes BMO a leader in carbon credit development, emissions measurement capabilities, and the environmental commodity market

TORONTO, July 20, 2022 /CNW/ - BMO Financial Group (NYSE: BMO) (TSX: BMO) today announced that it has entered into a definitive agreement to acquire Radicle Group Inc., a Calgary-based leader in sustainability advisory services and solutions, and technology-driven emissions measurement and management.

The transaction is being implemented by way of plan of arrangement and is subject to receipt of required regulatory approvals and other customary conditions. It is expected to close by the end of calendar 2022. Terms were not disclosed.

Founded in 2008, Radicle has established a reputation as a leading developer of carbon offsets and for helping organizations measure and reduce emissions. Radicle has 130 employees and over 4,000 clients globally.

"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," said Dan Barclay, CEO, BMO Capital Markets. "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."

Upon closing, the Radicle management team and employees will become part of BMO Capital Markets' Global Markets group. 

"We are very excited to join BMO Capital Markets," said Saj Shapiro, CEO, Radicle. "Radicle's mission is to enable planet-positive solutions by balancing economic interests with ecological impact. By joining BMO, Radicle will be able to continue serving its existing customers, accelerate its emissions reduction efforts, scale its activities across BMO's client network, develop additional sustainability services, and enter new markets."

Carbon markets play an important part in curbing the effects of climate change and enabling a sustainable future. Carbon markets have grown substantially around the globe in recent years as organizations and individuals manage risk and help scale the technologies needed to reach net zero.

In connection with the transaction, BMO Capital Markets acted as financial advisor and Torys LLP acted as legal counsel to BMO. Citi acted as financial advisor and Borden Ladner Gervais LLP acted as legal counsel to Radicle.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About Radicle Group Inc

Radicle helps guide today's progressive companies towards tomorrow's sustainable future. From early beginnings in Calgary, Canada, when Radicle developed an advanced software platform to measure, qualify, and aggregate greenhouse gas emissions, the company has taken root internationally to leverage data, insights, and technology to safeguard our shared tomorrow. Radicle works to enable planet-positive solutions by increasing efficiency while lowering costs and emissions, based on the belief that financial and environmental sustainability are two sides of the same coin: balance between the two is possible. For more information, please visit to learn more.

Cautionary statement regarding forward-looking information

Certain statements in this press release are forward-looking statements. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to the expected closing of the proposed transaction, plans for the integration of Radicle Group Inc., our strategies or future actions, our targets and commitments, the regulatory environment in which we operate, the results of, or outlook for, our operations, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "goal", "commit", "target", "may", "might", "schedule", "forecast" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. The uncertainty created by the COVID-19 pandemic has heightened this risk, given the increased challenge in making assumptions, predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals and other conditions to closing are not received or satisfied on a timely basis or at all or are received subject to adverse conditions or requirements; the anticipated benefits from the proposed transaction are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, laws and regulations and their enforcement, and the degree of competition in the business areas in which Radicle Group Inc. operates; the business of Radicle Group Inc. may not perform as expected or in a manner consistent with historical performance; the ability to promptly and effectively integrate Radicle Group Inc.; diversion of management time on transaction-related issues; the evolution of our lending portfolios over time, the need for active and continued participation of stakeholders (including enterprises, financial institutions and governmental and non-governmental organizations), the development and deployment of new technologies and industry-specific solutions, international cooperation, the development of regulations internationally, our ability to successfully implement various initiatives under expected time frames and the compliance of various third parties with our policies and procedures and legal requirements; and those other factors discussed in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2021 Annual Report, and the Risk Management section in BMO's Second Quarter 2022 MD&A, all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.

We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding the proposed transaction and may not be appropriate for other purposes.

Twitter: @BMOMedia

SOURCE BMO Financial Group

For further information: For media inquiries: BMO: Kelly Hechler, Toronto,, (416) 867-3996; Radicle: Kyle Denton, Vice President, GOLIN Canada,