Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 84

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 84
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 income (loss)) and the recognition of minority interests for €6,132 million. Based on financial information as of and for the year ended December 31, 2024, and taking into account the pro forma adjustments described in this section, the difference between the consideration offered and total equity as of December 31, 2024 would provisionally result in negative goodwill (badwill) of €929 million reflected in the combined unaudited condensed consolidated pro forma income statement and as shown in the below table:

|                                                         |     | December 31, 2024 |        |   |
|:--------------------------------------------------------|:----|:------------------|-------:|:--|
|                                                         |     | -€ million        |        |   |
| Estimated transaction cost                              |     |                   |  5,203 |   |
| Minority interest recognition                           |     |                   |  6,132 |   |
| Estimated fair value of assets and liabilities acquired |     |                   | 12,263 |   |
| Net equity attributable to Banco Sabadell               |     |                   | 14,999 |   |
| Estimated adjustments to fair value                     |     |                   | (2,736 | ) |
| Resulting negative goodwill (badwill)                   |     |                   |    929 |   |

Additionally, cash, balances in central banks and other demand deposits has been adjusted to reflect the dividend paid by BBVA on October 10, 2024. Notes on the pro forma adjustments to the combined unaudited condensed consolidated pro forma balance sheet as of December 31, 2024 for fair value:

| (a) | Fixed-income portfolios (included under “Financial assets at amortized cost”): |

Fixed-income portfolios at amortized cost include financial instruments that mostly correspond to level 1 in the fair value hierarchy, to the extent their fair value is directly observable in the market. Therefore, the adjustment made in the table above is based on the fair value broken down in the condensed consolidated financial statements of Banco Sabadell as of and for the year ended December 31, 2024. The adjustment to financial assets at amortized cost if the exchange offer were completed under any of the Full Acquisition Scenario or the Minimum Acceptance Scenario amounts to €(738) million. The fair value of these assets could fluctuate depending on the evolution of interest rates, the credit risk premium and any changes to the maturity of the instruments. Accordingly, the related adjustment ultimately made upon completion of the