On March 23, 2022, the Bank of Montreal (BMO) finalized the funding for its $20.5 billion acquisition of Bank of the West by conducting a $2.7 billion stock sale on Tuesday. This transaction is one of the most substantial bought deals in the history of Canadian markets, with BMO issuing 18.125 million shares at $149 per share to an investment bank syndicate. This followed a 17% rise in BMO's share price since the acquisition's announcement in December. Bank of the West, owned by BNP Paribas of France, is being sold as part of the latter's strategy to concentrate on European expansion. BMO intends to finance the majority of this acquisition, the largest of its kind by a Canadian bank in the U.S., using its own excess capital and that of Bank of the West. BMO's CEO, Darryl White, indicated in a recent conference call that the timing of the stock sale was chosen to align with shareholder interests, following expressions of readiness from investors. Shares were sold at a 3% discount from the closing price on the Toronto Stock Exchange, with an option for underwriters to purchase an additional 2.7 million shares if investor demand warranted it. Such large bought deals are rare in Canada, with only a few instances like TC Energy Corp's $4.2 billion sale in 2016 and Air Canada's $3.5 billion offering surpassing the $2 billion mark.