Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 155

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 155
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 be made available) to all shareholders of Banco Sabadell, to acquire all of the issued and outstanding Banco
Sabadell shares. The exchange offer is addressed to U.S. holders of Banco Sabadell shares pursuant to this offer to exchange/prospectus.

The distribution of this offer to exchange/prospectus and the making of the exchange offer may, in some jurisdictions, be restricted by
applicable law. The exchange offer is not being made, directly or indirectly, in or into, and may not be accepted from within, any jurisdiction in which the making of the exchange offer or the acceptance thereof would not be in compliance with the
laws of that jurisdiction. Persons who come into possession of this offer to exchange/prospectus should inform themselves of and observe these restrictions. Any failure to comply with these restrictions may constitute a violation of the securities
laws of that jurisdiction. BBVA does not assume any responsibility for any violation by any person of any of these restrictions.

Consideration

BBVA is offering to holders of Banco Sabadell shares one newly-issued BBVA share and €0.70 in cash for each 5.5483 Banco Sabadell
shares (adjusted, as the case may be, as described in this offer to exchange/prospectus).

The term “exchange ratio” as used
in this offer to exchange/prospectus means the exchange ratio of one newly-issued BBVA share for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this offer to exchange/prospectus), unless the context otherwise
requires. The term “exchange offer cash consideration” as used in this offer to exchange/prospectus means an amount in cash equal to €0.70 for each 5.5483 Banco Sabadell shares (adjusted, as the case may be, as described in this
offer to exchange/prospectus).

As the consideration consists in part of newly-issued BBVA shares, BBVA’s board of directors, at the
meeting at which it unanimously approved undertaking the exchange offer and in accordance with the provisions of article 14.5 of the Spanish Takeover Regulation, also approved the calling of a general shareholders’ meeting to decide on the
issue of the new BBVA shares in the amount necessary to fully cover the share exchange. On July 5, 2024, BBVA’s extraordinary general shareholders’ meeting approved to authorize such capital increase, with shareholders representing
70.75% of the outstanding BBVA