Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 83

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 83
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) of €1,858 million reflected in the combined unaudited condensed consolidated pro forma income statement and as shown in the below table:

|                                                         |     | December 31, 2024 |        |   |
|:--------------------------------------------------------|:----|:------------------|-------:|:--|
|                                                         |     | -€ million        |        |   |
| Estimated transaction cost                              |     |                   | 10,405 |   |
| Estimated fair value of assets and liabilities acquired |     |                   | 12,263 |   |
| Net equity attributable to Banco Sabadell               |     |                   | 14,999 |   |
| Estimated adjustments to fair value                     |     |                   | (2,736 | ) |
| Resulting negative goodwill (badwill)                   |     |                   |  1,858 |   |

Additionally, cash, balances in central banks and other demand deposits has been adjusted to reflect the dividend paid by BBVA on October 10, 2024. Minimum Acceptance Scenario The number of BBVA shares to be issued in exchange for Banco Sabadell shares if the exchange offer were completed under the Minimum Acceptance Scenario, at the aforementioned exchange ratio, would be 534 million BBVA shares, with a par value of €0.49 each. 56

Based on this maximum number of BBVA shares to be issued in the capital increase, the trading price of BBVA shares as of December 31, 2024 and the exchange offer cash consideration, the cost of completing the exchange offer would amount to €5,203 million. The actual cost will vary depending on the trading price of BBVA shares upon the settlement of the exchange offer. The pro forma adjustments included in the combined unaudited condensed consolidated pro forma balance sheet reflect a capital increase of €262 million, which amount corresponds to the par value of the new BBVA shares to be issued, and an increase in share premium in the amount of €4,941 million, which represents the difference between such trading price and the par value of the BBVA shares to be issued. These adjustments have been recorded under shareholders’ funds (share capital and share premium) in the combined unaudited condensed consolidated pro forma balance sheet. The pro forma adjustments also include the elimination of Banco Sabadell’s net equity attributable to Banco Sabadell as of December 31, 2024 in an amount of €14,999 million (affecting shareholders’ funds and accumulated other comprehensive