Santander to acquire Webster Financial for $12.3 billion

Banco Santander, S.A. (NYSE: SAN) announced it will acquire Webster Financial Corporation (NYSE: WBS) in a cash-and-stock transaction valued at approximately $12.3 billion.

Under the definitive agreement, Webster stockholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share. The per-share consideration of $75.59, based on closing prices as of February 2, 2026, represents a 16% premium to Webster's 10-day volume-weighted average stock price and a 9% premium to Webster's all-time high closing stock price.

The transaction has been unanimously approved by Webster's board of directors and relevant bodies of Santander. Upon completion, Webster will become a wholly-owned subsidiary of Santander.

"This is an exciting combination that brings together complementary strengths and a shared commitment to excellence," said John R. Ciulla, Chairman and CEO of Webster. "As a larger organization, we will unlock greater scale, broader capabilities and new opportunities for growth."

Ana Botín, Executive Chair of Banco Santander, stated the transaction "creates a stronger bank for our customers and the communities we serve" and is "strategically significant for our U.S. business."

Following the merger's completion, Christiana Riley will remain Santander's country head in the U.S. and CEO of Santander Holdings USA. Ciulla will serve as CEO of Santander Bank NA, into which Webster's businesses will be integrated. Luis Massiani, Webster's President and COO, will become COO of both entities with responsibility for leading the integration.

Webster will maintain its headquarters in Stamford, Connecticut, which will serve as a core corporate office for Santander alongside existing offices in Boston, New York, Miami and Dallas.

The transaction is subject to regulatory approvals in the U.S. and EU, as well as stockholder approval from both companies. The deal is expected to close in the second half of 2026.

Webster, founded in 1935, operates as a commercial bank with more than $80 billion in total assets, serving the Northeast from New York to Massachusetts. Santander, founded in 1857 and headquartered in Spain, is one of the world's largest banks by market capitalization with €1.4 trillion in total funds and 180 million customers.

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