Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 88

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 88
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—Capital Expenditures” in the 2023 Form
20-F.

On May 9, 2024, BBVA announced its decision to launch the Exchange Offer, a voluntary
exchange offer for the acquisition of all of the issued and outstanding shares of the Target Company, with the intention of promoting, after completion of the Exchange Offer, a merger by absorption of the Target Company by BBVA (the
“Merger”), unless market conditions at the time of the decision or any other relevant circumstances make it inadvisable to carry out such Merger on such terms or at such time.

The BBVA Group may not complete the Exchange Offer, the intended Merger or any other ongoing or future transaction in a timely manner, on a
cost-effective basis or at all. The Exchange Offer is subject to the CNMV Clearance and to several conditions, including Antitrust Clearance and the Minimum Acceptance Condition, and there can be no assurance that these conditions will be satisfied
in a timely manner or at all. If any of these conditions are not satisfied and, if applicable, BBVA does not waive such condition, BBVA will not be

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able to complete the Exchange Offer. Similarly, if the Exchange Offer is completed, regardless of the percentage of Target Company shares acquired by BBVA pursuant to the Exchange Offer, the
consummation of the Merger would require the formulation of a joint merger plan by BBVA’s and the Target Company’s respective boards of directors, approval of such plan by BBVA’s and the Target Company’s respective shareholders
and the prior authorization of the Spanish Ministry of Economy, Trade and Business. If any of the foregoing corporate approvals or the authorization from the Economy, Trade and Business Minister is not obtained, the Merger will not be consummated.

Further, the Exchange Offer is not conditional on obtaining clearance or non-opposition from
certain antitrust authorities and various competent regulatory bodies for the acquisition of control over regulated subsidiaries of the Target Company. If any of such governmental and regulatory approvals and authorizations are not obtained, and the
Exchange Offer is completed, BBVA may ultimately be subject to fines or other administrative sanctions, may be required to make certain divestitures, may lose certain licenses held by subsidiaries of the Target Company or may have its voting rights
with respect to the affected subsidiaries suspended.

Even if completed, the Exchange Offer, the Merger or any other ongoing or future
transaction may not have the expected results. If the Exchange Offer is completed, BB