M&A · Financials · National Commercial Banks
Webster Financial Corp to acquire Sterling Bancorp
Announced Apr 19, 2021 · Closed Feb 1, 2022
Deal value$5.14B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$26.56 per share
Transaction
- Acquirer
- Webster Financial Corp
- Target
- Sterling Bancorp
- Buyer type
- Strategic
- Offer price per share
- $26.56
- Enterprise value
- —
- Status
- Closed Feb 1, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $185M · 3.6%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Citigroup
- JPMorgan fee
- $37.0M
- Citigroup fee
- $28.5M
Sector context · Financials
- Comparable deals
- 21 in the prior 24 months
- Premium
- Sector median 48.0%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedApr 19, 2021
- Proxy filedJul 8, 2021
- Definitive proxyJul 8, 2021
- Shareholder voteAug 17, 2021
- ClosedFeb 1, 2022
Valuation · fairness opinions
Discounted cash flowJPMorgan$22.61$27.32
Discounted cash flowJPMorgan$50.12$60.36
Analyst price targetsJPMorgan$53.00$70.00
Analyst price targetsJPMorgan$22.00$33.50
Trading comparablesPiper Sandler$35.12$59.93
Trading comparablesPiper Sandler$37.39$67.27
Trading comparablesPiper Sandler$18.05$32.01
Trading comparablesPiper Sandler$17.82$33.26
Offer $26.56
Implied value per Sterling Bancorp share by analysis, from JPMorgan and Piper Sandler.