Unicaja Banco, S.A. (BME:UNI) agreed to acquire Liberbank, S.A. (BME:LBK) for approximately €760 million on December 29, 2020. The exchange ratio is set at 2.7705 Liberbank shares for each Unicaja Banco share. Under the terms of the deal, in which Unicaja Banco will fully absorb Liberbank. Upon completion, current Unicaja Banco Board Chairman Manuel Azuaga will be the future Chairman of the combined entity, while Liberbank Chief Executive Officer Manuel Menendez will serve as the new company's Chief Executive Officer. The combined entity, which will maintain the corporate name of Unicaja Banco and will be headquartered in Malaga. The deal still has to be approved by shareholders in votes. The Boards of Unicaja Banco and Liberbank approved the terms of the transaction. Unicaja Banco, S.A. and Liberbank, S.A. have called for extraordinary general meeting on March 31, 2021 to approval the deal. The transaction is subject to mandatory regulatory authorizations. As of March 31, 2021, shareholders of Liberbank approved the transaction. As of June 29, 2021, The National Markets and Competition Commission has authorized the transaction. As of July 16, 2021, Ministry of Economic Affairs and Digital Transformation in Spain has approved the transaction. The transaction is expected to close by mid- to late 2021. As of December 31, 2020, the transaction is expected to close in third quarter 2021. As of February 2, 2021, the transaction is expected to close late in the second quarter or early in the third 2021. As of July 19, 2021, the parties intend that the merger, once the last administrative procedures have been concluded, can be completed before the end of the month of July 2021. Salvador Sánchez-Terán, María Vidal-Pardo and Carolina Albuerne of Uría Menéndez Abogados, S.L.P. acted as legal advisor to Unicaja Banco. Rothschild & Co SCA acted as a financial advisor and fairness opinion provider to Unicaja Banco, S.A. Barclays PLC acted as financial advisor to Unicaja Banco, S.A. Raul Lopez Moro and Sergio Martin Diaz of BDO acted as financial advisor and fairness opinion provider for Unicaja Banco, S.A. (BME:UNI) and Liberbank, S.A. PwC acted as financial advisor and due diligence provider and Mediobanca acted as financial advisor of Unicaja. Deutsche Bank acted as financial advisor, Deloitte acted as financial advisor and due diligence provider and Ramon y Cajal acted as legal advisor of Liberbank.

Unicaja Banco, S.A. (BME:UNI) completed the acquisition of Liberbank, S.A. (BME:LBK) on July 30, 2021. Once the necessary precedent conditions have been met, Unicaja Banco and Liberbank have executed the merger deed in Malaga.