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We are leasing equipment from a supplier that has been acquired by another company. How does this affect our payments in FIS?

If you have an existing Lease Order with a supplier that has merged or been bought out by another company, xxxx


A Lease Order is a contract between the University and a Supplier, and therefore cannot be transferred from one Supplier to another – even in the event of an acquisition. We will finalize and cancel the remaining years, quarters, months on the lease PO, and you will need to create a new Lease Order for the remainder of the lease to facilitate payment to the new Supplier. Please be sure to reference the old PO # in the Header Text field of the new PO. For example, “This PO was created to replace PO XXXXX due to an acquisition.”

If a Vendor number does not exist in FIS for the acquiring company, you will need to submit a New Supplier Request form to Purchasing.Help@utoronto.ca prior to creating the Lease Order.

Last Updated:  August 21, 2020