Webster Financial to be Acquired by Banco Santander in a $12.3 Billion Cash and Stock Deal

Webster Financial Corporation (WBS) entered a merger agreement on February 3, 2026, to be acquired by Banco Santander, S.A. (SAN) in a cash and stock deal valued at $12.3 billion.

Deal Structure:

Webster stockholders will receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share.

This represents a per-share consideration of $75.59, representing a 14.53% premium from the stock’s last close.

Company Profile:

Webster is a U.S. bank holding company headquartered in Stamford, Connecticut, with over $80 billion in assets and about $68 billion in deposits, providing commercial, consumer, and specialized financial services through Webster Bank.

Banco Santander is a Spain-based commercial bank headquartered in Madrid, providing retail, commercial, corporate, investment, wealth management, insurance, and payment services to individuals, businesses, and institutions, with roughly €1.4 trillion in total funds and around 180 million customers.

Deal Details and Timeline:

Christiana Riley will continue to serve as Santander’s Country Head in the United States and CEO of Santander Holdings USA (SHUSA). Webster CEO John Ciulla will assume the role of CEO of Santander Bank, N.A. (SBNA), into which all of Webster’s businesses will be integrated. Luis Massiani, Webster’s Chief Operating Officer, will serve as COO of both SHUSA and SBNA.

Webster’s current headquarters in Stamford, Connecticut, will continue to operate as a main corporate office for Santander, along with its other corporate offices in Boston, New York, Miami, and Dallas.

Ciulla and Massiani, along with two additional current Webster directors, will join the boards of both SHUSA and SBNA. Tim Ryan will continue to serve as Chairman of both boards.

The deal is expected to close in the second half of 2026.

J.P. Morgan Securities and Piper Sandler served as financial advisors to Webster, while Wachtell, Lipton, Rosen & Katz acted as its legal advisor.

Santander is acquiring Webster at 1.84 times its tangible book value.

Deal Metrics:

For an in-depth exploration of this merger and acquisition transaction, please visit the Deal Metrics page at:

Deal Metrics for the acquisition of Webster Financial Corporation (WBS) by Banco Santander, S.A. (SAN)

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• A comprehensive history of the merger’s spread from the announcement to completion or failure.
• Key events as the merger progresses, such as the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
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• A timeline of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article