Banco Santander to acquire Webster Financial for €10.3B: advisors
Uría Menéndez has advised Banco Santander on the acquisition of Webster Financial Corporation, in a transaction valued at €10.3 billion. Davis Polk & Wardwell acts as Santander’s US legal counsel. Centerview Partners, Goldman Sachs, and Bank of America Europe DAC act as financial advisors to Santander.
The acquisition, expected to close in the second half of 2026, aims to strengthen Banco Santander’s growth strategy in the United States: the combined entity will create a platform with approximately US$327 billion in assets, US$185 billion in loans and US$172 billion in deposits.
According to Santander, under the agreed terms, each Webster shareholder will receive US$48.75 in cash and 2.0548 Banco Santander shares for each Webster share they hold. The combination of cash and shares means that 65% of the total payment will be made in cash, with the remaining 35% paid in Santander shares.
Once the transaction is completed, Christiana Riley will continue as country head of Santander in the United States and CEO of Santander Holdings USA (SHUSA). John Ciulla, the current CEO of Webster, will become CEO of Santander Bank NA (SBNA), where all Webster businesses will be integrated. Luis Massiani, Webster’s current COO, will assume the role of COO of both SHUSA and SBNA, leading the integration process and reporting to both Riley and Ciulla. “This structure is designed to ensure continuity of the management team and maintain strong connections with clients, employees, communities, and regulators”, states Santander.
Uría Menéndez’s team was led by Francisco San Miguel and Felipe Carbonell (partners, M&A–private equity, Madrid), together with Carolina Albuerne (partner, M&A–financial regulation, Madrid), all pictured from left to right. The team also included José Ignacio Baus (managing associate, capital markets, Madrid), Ramón Riera (senior associate, M&A–financial regulation, Madrid), and Alejandro Ballesteros (associate, M&A–private equity, Madrid).
