Spain’s Banco Santander has agreed to acquire Webster Financial, parent company of Webster Bank, in a $12.2bn deal. Each Webster shareholder will receive $48.75 in cash and 2.0548 Santander shares per share. The deal values each Webster share at $75, with 65% in cash and 35% in Santander shares. The merger gives Santander a strong presence in the US Northeast, with nearly 200 branches and over $80bn in assets. The combined entity is set to become one of the ten largest retail and commercial banks in the US. Estimated cost synergies are around $800m, with a target efficiency ratio below 40% by 2028. Both banks will operate independently until regulatory approval. The deal is expected to close in the second half of 2026. Santander US CEO Christiana Riley stated that the acquisition strengthens their commercial banking presence and expands their franchise for sustainable growth. Santander also finalized the sale of a 49% stake in its Polish subsidiary, Santander Bank Polska, to Austria’s Erste Group for around €7bn ($8.2bn).

Read more at Yahoo Finance: Santander seals $12.2bn deal to acquire Webster