Banco Santander to Buy Webster Financial in $12.3 Billion Deal — Update
By Chris Wack
Banco Santander is buying Webster Financial, the holding company for Webster Bank, in a cash-and-stock transaction valued at $12.3 billion.
Under the terms of the agreement, Webster stockholders would receive $48.75 in cash and 2.0548 Santander American Depository shares for each Webster common share.
The per-share consideration of $75.59 is based on closing prices as of Monday, and represents a 16% premium to Webster's 10-day volume-weighted average stock price.
Under the terms of the definitive agreement, Webster would become a wholly owned unit of Santander. Once the transaction is completed, Christiana Riley would remain Santander's country head in the U.S. and the chief executive of Santander Holdings USA.
Webster Chief Executive John Ciulla would be the head of Santander Bank NA, into which all of Webster's businesses would be integrated. Luis Massiani, Webster's president and operating chief, would be operating chief of both Santander Holdings USA and Santander Bank NA.
Ciulla and Massiani, along with two additional current directors of Webster, are expected to join the boards of directors of both Santander Holdings USA and Santander Bank NA. Tim Ryan would continue to chair the boards of directors of both Santander Holdings USA and Santander Bank NA.
The transaction is expected to close in the second half of 2026.
Webster was halted in midday Tuesday trading at $65.35 a share.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 03, 2026 14:11 ET (19:11 GMT)
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