Benzinga | Apr 19, 2021 06:49AM EDT

Webster Financial and Sterling Bancorp to Merger, Sterling Shareholders to Receive 0.463 Webster Shares per Sterling Share Owned

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.