Banco Santander to Acquire Webster for $12.3B

Webster Financial Corporation (NYSE: WBS) has entered a definitive merger agreement with Banco Santander, S.A. for an acquisition valued at approximately $12.3 billion. Under the cash-and-stock terms, Webster stockholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share.

The per-share consideration is $75.59 based on Santander’s Feb. 2, 2026 closing stock price, implying a 16% premium to Webster’s 10-day VWAP and a 9% premium to its all-time high closing price. The deal is structured so Webster will become a wholly-owned subsidiary of Santander.