Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 82

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 82
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As described in this offer to exchange/prospectus, an exchange ratio of one newly-issued BBVA share for each 5.0196 Banco Sabadell shares has been established for the exchange offer (subject to adjustments, as the case may be, as described in this offer to exchange/prospectus). In the preparation of the pro forma financial information, the trading price of BBVA’s shares as of December 31, 2024 has been used as a main assumption in the determination of the cost of completing the exchange offer. See “—Impact of Other Potential Scenarios in the Pro Forma Financial Information—Sensitivity of Goodwill/(Negative Goodwill) to the Trading Price of the BBVA Shares” below. Full Acquisition Scenario The maximum number of BBVA shares to be issued in exchange for Banco Sabadell shares if the exchange offer were completed under the Full Acquisition Scenario, at the aforementioned exchange ratio, would be 1,068 million 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 December 31, 2024 and the exchange offer cash consideration, the cost of completing the exchange offer would amount to €10,405 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 €523 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 €9,882 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 income (loss)). Based on financial information as of and for the year ended December 31, 2024, and taking into account the pro forma adjustments described in this section, the difference between the consideration offered and total equity as of December 31, 2024 would provisionally result in negative goodwill (badwill