Webster Financial confirms merger agreement with Banco Santander

Webster Financial (WBS), the holding company for Webster Bank, N.A., announced the signing of a definitive agreement under which Banco Santander, S.A. (SAN) will acquire Webster in a cash-and-stock transaction. Under the terms of the agreement, Webster stockholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share. Based on Santander’s closing stock price on Monday, February 2, 2026, the transaction has an aggregate value of approximately $12.3B, Webster stated. The per share consideration of $75.59 is based on closing prices as of February 2 and represents a 16% premium to Webster’s 10-day volume-weighted average stock price, a 9% premium to Webster’s all-time high closing stock price, and is greater than 2.0x Webster’s fourth quarter 2025 period-end tangible book value per share. The transaction is subject to customary closing conditions, including necessary bank regulatory approvals in the U.S. and EU and the approval of the stockholders of both Webster and Santander. The transaction is expected to close in the second half of 2026. “This is an exciting combination that brings together complementary strengths and a shared commitment to excellence. As a larger organization, we will unlock greater scale, broader capabilities and new opportunities for growth-while remaining deeply focused on the people who define our success. I look forward to joining the Santander team and enhancing our ability to support our clients. As a Connecticut-based bank with deep roots in the region, we also look forward to continuing our commitment to the communities we serve,” said John Ciulla, Chairman and CEO of Webster.