Santander to Acquire Webster for $12 Billion in US Expansion (2)

Banco Santander SA agreed to acquire Webster Financial Corp. for $12 billion as Spain’s largest bank bets big on the US.

Santander will pay a total consideration of $75 a share in cash and stock for Webster, according to a statement Tuesday that confirmed a Bloomberg News report.

Shares in Webster had risen around 11% in New York trading over the past 12 months before trading was halted Tuesday, giving the company a market value of about $10.6 billion.

The transaction, one of the largest-ever US deals by a European lender, highlights Santander Executive Chair Ana Botin’s growing ...