M&A · Financials · National Commercial Banks
Banco Santander, S.A. to acquire Webster Financial Corp
Announced Feb 3, 2026 · Closed Aug 20, 2026
Deal value$12.30B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Banco Santander, S.A. (SAN)
- Target
- Webster Financial Corp
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Aug 20, 2026
Deal protections
- Break fee (target pays)
- $489M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Piper Sandler
- JPMorgan fee
- $75.0M
Sector context · Financials
- Comparable deals
- 70 in the prior 24 months
- Premium
- Sector median 38.5%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedFeb 3, 2026
- Proxy filedApr 23, 2026
- Definitive proxyApr 23, 2026
- Shareholder voteMay 26, 2026
- ClosedAug 20, 2026
Valuation · fairness opinions
Trading comparables$62.00$76.95
Trading comparables$63.50$70.65
Discounted cash flow$65.15$80.75
Implied value per Webster Financial Corp share by analysis, from JPMorgan.