Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 125

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 125
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 share and €0.1244 per Banco Sabadell share announced by BBVA and Banco Sabadell and payable on April 10, 2025 and March 28, 2025, respectively, and BBVA’s share buy-back program for an aggregate amount of €993 million, are paid and executed, as applicable, BBVA estimates that if all of the Banco Sabadell shares are validly tendered and exchanged, pursuant to the terms of the exchange offer, immediately after the exchange offer: (i) the former holders of Banco Sabadell shares will own approximately 15% of the share capital and voting rights of BBVA; and (ii) the current holders of BBVA shares will hold approximately 85% of the share capital and voting rights of BBVA. 96

THE EXCHANGE OFFER

The Exchange Offer

BBVA is undertaking
the exchange offer pursuant to the offering documents published (or that will be published) in Spain and made available (or that will 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 €0.29 in cash for each 5.0196 Banco Sabadell
shares.

The term “exchange ratio” as used in this offer to exchange/prospectus means the exchange ratio of one newly-issued
BBVA share for each 5.0196 Banco Sabadell shares (adjusted, as the case may be, as described below for any distribution of dividends, reserves or any other type of distribution to Banco