AcquisitionsMar 29, 2026, 09:00 PM
Banco Santander to Acquire Webster Bank for $12.2 Billion
AI Summary
Banco Santander is acquiring Webster Bank for $12.2 billion, aiming to create a top-ten retail and commercial bank in the U.S. by assets. The acquisition is expected to boost Santander's U.S. RoTE to 18% by 2028 and improve efficiency, while Webster shareholders will receive a combination of cash and Santander shares.
Key Highlights
- Webster shareholders to receive $48.75 in cash and 2.0548 Santander ADSs per share, totaling $75 per Webster share.
- Transaction values Webster at 6.8x 2028 P/E post-synergies and 2.0x Q425 P/TBV.
- Santander expects approximately 7-8% earnings per share accretion by 2028.
- The group’s CET1 ratio is expected to be in the range of 12.8-13% by 2026 year-end and to increase to over 13% by 2027.