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M&T Bank Corporation to acquire People's United Financial

Christian Fernsby |
M&T Bank Corporation and People's United Financial announced that they have entered into a definitive agreement under which M&T will acquire People's United in an all-stock transaction.

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The combined company will create a diversified, community-focused banking franchise with approximately $200 billion in assets and a network of more than 1,100 branches and over 2,000 ATMs that spans 12 states from Maine to Virginia and the District of Columbia.

The combined franchise will operate across some of the most populated and attractive banking markets in the U.S. As part of the transaction, People's United's current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T, further strengthening the combined company's commitment to Connecticut and the region.

Under the terms of the agreement, People's United shareholders will receive 0.118 of a share of M&T common stock for each People's United share they own.

Following completion of the transaction, former People's United shareholders will collectively own approximately 28% of the combined company.

The implied total transaction value based on closing prices on February 19, 2021 is approximately $7.6 billion.