M&T Bank nears $7 billion deal to buy People’s United

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M&T Bank Corp. is nearing a deal to buy People’s United Financial Inc. for more than $7 billion, according to people familiar with the matter, in the latest in a string of regional-bank tie-ups.

The companies are discussing an all-stock deal that could be announced as soon as this week, the people said, assuming talks don’t fall apart. Bridgeport, Conn.-based People’s United
PBCT,
+2.28%
has a market value of roughly $6.6 billion, while Buffalo, N.Y.-based M&T’s
MTB,
+2.20%
is more than $19 billion.

Source

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