People's United Financial Inc. of Bridgeport, Conn., agreed to acquire Financial Federal Corp. in a stock and cash deal valued at about $738 million, increasing its presence in the equipment-finance sector.

Under the deal, expected to close in the first quarter of next year, Financial Federal shareholders will receive $11.27 and one share of People's United stock, or $27.74 based on Friday's close, a 35% premium to Financial Federal's closing price.

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