08:25 AM EDT, 09/05/2025 (MT Newswires) -- Banco Bilbao Vizcaya Argentaria ( BBVA ) said Friday the Spanish National Securities Market Commission has approved its move to acquire Banco Sabadell in a deal valued at 17.40 billion Euros ($20.30 billion) and the take-up period is scheduled to begin on Sept. 8 for Banco Sabadell shareholders to accept its proposal.

The company said the offer involves the exchange of one common share in BBVA plus 0.70 Euros in cash for every 5.5483 Banco Sabadell shares, which would give Banco Sabadell shareholders a stake of 13.6 percent in BBVA.

It further said the take-up period will run for 30 calendar days and will extend until Oct.7.

The company further noted that while the implementation of total synergies, estimated at 900 million Euro per year following the merger would be delayed for one year to 2029, compared to the original scenario of 2028, due to the condition imposed by the Spanish Council of Ministers, the preparation for the integration in previous years will enable the full realization of synergies in the first year following the merger.