M&T Bank buying People’s United in $7.6B all-stock deal

M&T Bank Corp. is buying  People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion. People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28% of the combined business. The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.