Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 49

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 49
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-out transaction, or both, as applicable, equal to the gross amount of the relevant distribution per BBVA share divided by the exchange ratio of 5.0196 (adjusted, as the case may be, as described in this
offer to exchange/prospectus). On October 10, 2024, BBVA paid a dividend of €0.29 per BBVA share and, as a result, BBVA increased the exchange offer consideration to one newly-issued BBVA share and €0.29 in cash for each 5.0196 Banco
Sabadell shares tendered and not withdrawn. On January 30, 2025, BBVA announced a dividend of €0.41 per BBVA share payable on April 10, 2025, which is subject to approval by BBVA’s general shareholders’ meeting. Such dividend, when
paid, will result in a corresponding change in the exchange offer cash consideration. The purpose of the exchange offer cash consideration is to provide tendering holders of Banco Sabadell shares with an amount equivalent to the aggregate amount of
all distributions of dividends, reserves or any other type of distributions made to shareholders of BBVA after the date of the publication of BBVA’s announcement of its intention to make the exchange offer but prior to the settlement of the
exchange offer or, if applicable, after the settlement of the exchange offer but before the settlement of a subsequent squeeze-out transaction. As a result, tendering holders of Banco Sabadell shares will receive this equivalent amount once they
become shareholders of BBVA.

32

Spanish Tax Consequences for U.S. Shareholders (page 111)

As a general rule, no charge to Spanish tax (including Spanish Transfer Tax or Value Added Tax) will arise to Qualifying Shareholders (as
defined in “The Exchange Offer—Spanish Tax Consequences for U.S. Shareholders” beginning on page 111) in respect of the exchange offer.

The ownership and disposition of BBVA shares by Qualifying Shareholders may entail Spanish tax implications. However, under certain
conditions, dividends and capital gains obtained from BBVA shares by Qualifying Shareholders may benefit from the reduced rates and exemptions of the United States-Spain Treaty (as defined in “The Exchange Offer—Spanish Tax Consequences
for U.S. Shareholders” beginning on page 111).

U.S. Federal Income Tax Consequences for U.S. Holders (page 115)

The U.S. federal income tax consequences of the exchange offer are discussed