Santander Acquires Webster Financial for $12.2 Billion

• Santander offered 2.0548 of its shares for each Webster Financial share in the all-stock transaction
• The acquisition will create a top-ten U.S. retail and commercial bank by assets
• Centerview Partners, Goldman Sachs, and Bank of America advised Santander on the transaction

Summary

Deal Overview:

Spanish banking giant Santander announced the acquisition of U.S. regional lender Webster Financial in a $12.2 billion transaction on February 3. Under the deal terms, Santander is offering 2.0548 of its shares for each Webster Financial share.

Strategic Rationale:

The acquisition aims to significantly strengthen Santander's U.S. footprint, creating a top-ten retail and commercial bank in the United States measured by assets. This represents a major consolidation move in the regional banking sector.

Timeline and Advisors:

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. Santander engaged Centerview Partners, Goldman Sachs, and Bank of America as financial advisors on the deal.

Market Implications:

This acquisition reflects continued consolidation in the U.S. regional banking sector as larger institutions seek scale and geographic diversification. For Santander, the deal represents a significant commitment to the U.S. market and positions the Spanish bank among America's largest retail and commercial banking players. The substantial $12.2 billion price tag demonstrates Santander's confidence in Webster Financial's franchise value and growth potential.

The merger will likely face scrutiny from U.S. banking regulators given the combined entity's size and market position. Investors should monitor integration execution and potential regulatory conditions that may be imposed before deal closure.