Banco Bilbao Vizcaya Argentaria To Acquire Remaining Stake in BBVA Bancomer

Davis Polk & Wardwell and Garrigues Abogados y Asesores Tributarios are advising Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) on its offer to acquire the remaining stake it does not already own of Grupo Financiero BBVA Bancomer, S.A. de C.V. BBVA is a large, global financial group with a leading position in the Spanish market and, through its various subsidiaries, in Latin America. Bancomer is Mexico's largest bank.

According to the terms of the offer, BBVA will offer 12 Mexican pesos ($1.09) per share and 240 Mexican pesos per ADS (each ADS representing 20 shares) for the entire portion of Bancomer's outstanding equity that it does not already own, representing a 40.6-percent stake. The transaction is valued at approximately $4.1 billion.

The Davis Polk corporate team includes partners Andrés V. Gil of the New York office and Michael J. Willisch of the Madrid office and associates Diego A. Rotsztain of the Madrid office, Norberto E. Quintana of the New York office and Jake S. Tyshow of the Paris office. Partner Harry Ballan and associate Amy B. Heller, both of the New York office, are providing tax advice.

Rafael Robles of Franck, Galicia y Robles, S.C and partners Javier Ybáñez and Fernando Vives and associate Luis de la Peña of Garrigues Abogados y Asesores Tributarios are also advising BBVA. Morgan Stanley is acting as financial adviser to BBVA.