Santander acquires Webster Financial for $12.3B in cash-and-stock; per-share value ~$75.59

WEBSTER FINANCIAL CORP

Webster stockholders receive $48.75 cash + 2.0548 Santander ADSs per share; total consideration ~$75.59/share.
Transaction represents a 16% premium to Webster's 10-day VWAP and >2x Q4 2025 tangible book value.
John Ciulla to become CEO of Santander Bank NA; Christiana Riley remains SHUSA country head; Luis Massiani becomes COO.
Deal expected to close in H2 2026, subject to regulatory and stockholder approvals.
Combined entity to become top-10 retail/commercial bank by assets in US, top-5 by deposits in Northeast.

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