Spain-based financial institution BBVA has announced its plans to scale the value of its offer to buy Sabadell by 10% to EUR 17 billion.
The Spanish bank intends to increase the value of its offer; however, BBVA will also drop a cash component. The financial institution has been working on acquiring Sabadell for approximately 18 months.
BBVA and Sabadell have been working on the takeover since May 2024, with the process becoming more complicated due to the Spanish government’s hostility toward the deal. Earlier in 2025, officials intervened in the transaction, saying that BBVA would not be allowed to merge with Sabadell for a minimum of three years even if it succeeded.
BBVA’s journey to buying Sabadell
BBVA announced its improved offer on 22 September 2025, nearly two weeks before the offer period was set to finish. The new offer accounts for one BBVA share for every 4.8375 Sabadell shares, which the bank said represented a 10% rise. It values Banco Sabadell shares at nearly EUR 3.39 per share, based on BBA’s closing share price of EUR 16.41 on 19 September 2025.
Previously, BBVA offered one of its own shares and EUR 0.70 in cash for every 5.5483 ordinary Sabadell shares. Before this bid, Sabadell was valued at nearly EUR 15 billion. Additionally, BBVA stated that the tender period for its offer would be delayed until Spain’s market regulator approves the new offer. The financial institution also emphasised that its board had agreed to waive the possibility of further raises in the offer consideration, as well as the possibility of increasing the acceptance period.
Furthermore, the offer from BBVA comes even if Sabadell moved to sell its British bank TSB to Santander in July 2025 and provide a dividend of EUR 2.5 billion to keep shareholders on side. Now, Sabadell’s board is set to review the new offer after the regulatory approval process has been finalised. The institution intends to provide an updated recommendation to shareholders after this. However, until this is concluded, shareholders were advised not to take any action.
