M&T Bank Corporation (MTB) and People’s United Financial, Inc. (PBCT) announced that they have entered into a definitive agreement under which M&T will acquire People’s United in an all-stock transaction. The merger is expected to close in 4Q21.
Under the agreement terms, People’s United shareholders will receive 0.118 of a share of M&T common stock for each People’s United share they own. Based on February 19 closing prices, the total transaction value is around $7.6B.
Based on the S&P dividend aristocrats criteria, PBCT will be removed from the dividend aristocrats list. Once confirmed, we will amend this article.