Investing.com -- Webster Financial Corp. shareholders approved the $12 billion takeover proposal from Banco Santander SA on Tuesday, removing one of the final obstacles for the transaction.

Webster confirmed the approval during an extraordinary shareholder meeting on Tuesday, stating it will release detailed results shortly.

Spain's largest lender announced the Webster acquisition in February as part of Executive Chair Ana Botin's strategy to expand operations in the United States. The deal is expected to provide Santander with Webster's deposit base as a funding source and expand its commercial and retail lending activities in the country.

The transaction is anticipated to close in the second half of the year, pending regulatory approvals.

Under the terms of the agreement, Santander is offering $48.75 in cash and 2.0548 Santander shares in the form of American Depositary Shares for each Webster share. Based on Friday's closing prices, this values Webster at approximately $73.49 per share, or roughly $12 billion for the entire bank.