Sullivan & Cromwell, Simpson Thacher Rep $7.6B Bank Deal

Law360 (February 22, 2021, 10:55 AM EST) -- M&T Bank, advised by Sullivan & Cromwell, said Monday it's buying peer People's United, led by Simpson Thacher, in a $7.6 billion all-stock deal that aims to create a financial institution with $200 billion in assets and more than 1,100 branches.

In a joint statement, Buffalo, New York-based M&T Bank Corp. said the tie-up will see investors of the Connecticut-headquartered business receive 0.118 of an M&T share for each People's United Financial Inc. stock they own. After the deal closes, People's United shareholders will own 28% of the combined company, the banks said.

"In People's United, we have found a partner...

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