Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 104

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 104
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,440 million Target Company shares) (affecting shareholders’ funds and accumulated other comprehensive income (loss)). S-66

Based on financial information as of and for the six months ended June 30, 2024, and taking into account the pro forma adjustments described in this section “ —Unaudited Pro Forma Condensed Financial Information”, the difference between the consideration offered and total equity as of June 30, 2024 would provisionally result in negative goodwill (badwill) of €672 million reflected in the combined unaudited condensed consolidated pro forma income statement and as shown in the below table:

|                                                         |     | June 30, 2024 |        |   |
|:--------------------------------------------------------|:----|:--------------|-------:|:--|
|                                                         |     | -€ million    |        |   |
| Estimated transaction cost                              |     |               | 10,450 |   |
| Estimated fair value of assets and liabilities acquired |     |               | 11,122 |   |
| Net equity attributable to the Target Company           |     |               | 13,928 |   |
| Estimated adjustments to fair value                     |     |               | (2,806 | ) |
| Resulting negative goodwill (badwill)                   |     |               |    672 |   |

Additionally, (i) BBVA’s total equity has been adjusted due to the dividend paid by BBVA on October 10, 2024, amounting to €1,671 million (corresponding to €0.29 multiplied by 5,763 million BBVA shares) and (ii) cash, cash balances in central banks and other demand deposits has been adjusted by the dividends paid by BBVA and the Target Company. Acquisition of 50.01% of Target Company shares Considering the number of Target Company shares outstanding (5,440,221,447 shares, with a par value of €0.125 each), the maximum number of BBVA shares to be issued in exchange for Target Company shares in a scenario where BBVA acquires 50.01% of Target Company shares, at the aforementioned exchange ratio, would be 542,006,285 BBVA shares, with a par value of €0.49 each. Based on this maximum number of BBVA shares to be issued in the capital increase, the trading price of BBVA shares as of June 30, 2024 and the exchange offer cash consideration, the cost of completing the Exchange Offer would amount