Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 302

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 302
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 CNMV under number 2,805, the Bank indicated that, following a binding offer to acquire TSB received from Banco Santander, S.A. (hereinafter, “Banco Santander”), the Board of Directors of Banco Sabadell agreed to submit to the shareholders at an Extraordinary General Meeting, scheduled to take place on 6 August 2025, the authorisation to sell all shares representing the share capital of TSB to Banco Santander. The transaction does not include the sale of the IT platform servicing TSB, owned by the subsidiary Sabadell Digital, S.A.U., which is expected to continue to serve TSB until the company migrates to another IT platform. Banco Sabadell has undertaken that no company within Banco Sabadell Group will compete with Banco Santander in the UK banking market for 24 months following the closing date of the transaction, without prejudice to the maintenance of the activities of Banco Sabadell’s branch in the United Kingdom. The consideration for the sale of the shares amounts to an initial price of 2,650 million pounds sterling (approximately, 3,098 million euros 8), which will be adjusted, upwards or downwards, based on the positive or negative variation in TSB’s tangible net asset value between 1 April 2025 and the closing date of the transaction. Based on TSB’s financial forecasts, and assuming the closing of the transaction takes place on 31 March 2026, the Bank estimates that the final price for the shares could be in the region of 2,875 million pounds (approximately, 3,361 million euros 8). The final price will be paid in full in cash. The transaction also includes the sale of certain equity instruments and securities issued by TSB and subscribed by Banco Sabadell (perpetual securities contingently convertible into ordinary shares of TSB, redeemable subordinated bonds and unsecured senior debt) that have not matured nor been repurchased and redeemed as at the closing date, as well as the securities from any new issuance carried out as from 1 July 2025 until such date and subscribed by Banco Sabadell for the purpose of refinancing any of them (the “securities”). The sale price for the securities will be the sum of the fair values assigned to the securities at the closing date of the transaction based on the credit spreads agreed by the parties for each such instrument. Payment of the sale price for the securities will be made in cash on the closing date and will not be