Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 73

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 73
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 Appeal). As of the date of this offer to exchange/prospectus, the Administrative Appeal is pending. If the Autonomy Condition is declared void as a result of
the Administrative Appeal, BBVA may be able to consummate a merger with Banco Sabadell sooner than would otherwise be permitted pursuant to the Council of Ministers’ Authorization. There is no guarantee that BBVA will prevail in the
Administrative Appeal. BBVA expects the Administrative Appeal to be resolved in a period of between 18 months and two years.

The
synergies that BBVA has estimated would be realized and the restructuring costs BBVA has estimated would be incurred following the acquisition of control of Banco Sabadell following completion of the exchange offer (see “BBVA’s Reasons
for the Proposed Exchange Offer—Estimated Synergies”) have been estimated without access to non-public information relating to Banco Sabadell and on the basis of BBVA’s experience in prior transactions. However, the information
used by BBVA may not be correct and the circumstances applicable

48

to the exchange offer may not be comparable to any of BBVA’s prior transactions, which may result in BBVA failing to realize the synergies it expects to realize or incurring greater
restructuring costs than it expects to incur following the acquisition of control of Banco Sabadell following completion of the exchange offer.

Since BBVA has not had access to non-public information relating to Banco Sabadell, BBVA’s ability to accurately estimate these
synergies and restructuring costs is necessarily limited and the synergies and other savings finally realized and the restructuring costs finally incurred following completion of the exchange offer and the timing in which they are realized or
incurred, as applicable, may differ from BBVA’s estimates. Additionally, any error or omission on the publicly-available information regarding Banco Sabadell may affect BBVA’s analysis and estimates.

Risks associated with BBVA’s merger with Banco Sabadell following the No-merger Period

Following the No-merger Period, BBVA intends to promote a merger by absorption of Banco Sabadell. Any such merger would need BBVA’s and
Banco Sabadell’s respective boards of directors to formulate a joint merger plan, which would need to be approved by BBVA’s and Banco Sabadell’s respective shareholders, and require the prior authorization of the Spanish Minister
of Economy, Trade and Business.

Given the significant period that will pass between completion of the exchange offer and the potential
consummation of such merger,