BBVA announced on August 7, 2025, that it is revising its expected cost and funding synergies from the takeover bid for Sabadell. This revision is attributed to higher risks following the government's imposed conditions and Sabadell's decision to greenlight an important divestment.
The Spanish government's requirement for BBVA and Sabadell to remain separate legal entities for three years, coupled with Sabadell's potential sale of its British unit TSB, directly impacts the original synergy calculations. These external factors introduce new variables into the deal's financial model.
Despite these revisions, BBVA reiterated its belief that the transaction still creates value for shareholders of both entities. For investors, this indicates that while the path to realizing synergies has become more complex and potentially longer, the strategic rationale for the acquisition remains valid from BBVA's perspective.
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