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WATERBURY, Conn. and PEARL RIVER, N.Y., April 19, 2021 /PRNewswire/ Webster Financial Corporation (NYSE: WBS) ( Webster ) and Sterling Bancorp (NYSE: STL) ( Sterling ) jointly announced today that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion.
Under the terms of the agreement, Sterling will merge into Webster, and Sterling s shareholders will receive a fixed exchange ratio of 0.463 of a Webster share for each share of Sterling stock they own. Following the closing of the transaction, Webster shareholders will own approximately 50.4% of the combined company, and Sterling shareholders will own approximately 49.6%, on a fully diluted basis.
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Webster Financial, Sterling Bancorp Agree to $10.3B Merger
April 19, 2021, 08:03 AM
Webster Financial Corporation and Sterling Bancorp jointly announced their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion.
Under the terms of the agreement, Sterling will merge into Webster, and Sterling s shareholders will receive a fixed exchange ratio of 0.463 of a Webster share for each share of Sterling stock they own. Following the closing of the transaction, Webster shareholders will own approximately 50.4 percent of the combined company, and Sterling shareholders will own approximately 49.6 percent, on a fully diluted basis.