Webster Financial Corp. shareholders approved the $12 billion takeover proposal from Banco Santander SA on Tuesday, removing one of the final obstacles for the transaction.
Webster confirmed the approval during an extraordinary shareholder meeting and stated it will release detailed results shortly.
Spain’s largest lender announced the Webster acquisition in February as part of Executive Chair Ana Botin’s strategy to expand operations in the United States.
Under the terms, Santander is offering $48.75 in cash and 2.0548 Santander shares in the form of American Depositary Shares for each Webster share, valuing Webster at about $12 billion.
The transaction is expected to close in the second half of the year, pending regulatory approvals.
