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BBVA To Launch Takeover Bid To Buy Remaining 50.15% Stake In Turkey's Garanti

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) announced Monday the launch of a voluntary takeover bid for 50.15 percent shares of Türkiye Garanti Bankasi A.S., which it does not already own.

The consideration offered by BBVA to each of Garanti shareholders is 12.20 Turkish Lira in cash. The maximum aggregate amount of consideration payable by BBVA is 25,697 million Turkish Lira, equivalent to around 2.25 billion euros. BBVA will pay the consideration with its current shareholders' funds.

As of now, BBVA owns an aggregate of 2.09 billion shares which represent 49.85 percent of the total share capital of Garanti. The share capital of Garanti amounts to an aggregate of 4.20 billion shares with a face value of 1 Turkish Lira each.

The takeover bid price represents a premium of approximately 34 percent of the daily adjusted weighted average prices on the stock exchange in the 6 months prior to the date of this announcement.

The acquisition by BBVA of more than 50 percent of Garanti's total share capital is subject to the prior approval of several authorities, both in Turkey and in other jurisdictions.

An information memorandum will be submitted by BBVA for approval to the Capital Markets Board of Turkey.

BBVA estimates that closing of the bid will take place in the first quarter of 2022.

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