NEW YORK ( TheStreet)-- Banco Bilbao Vizcaya Argentaria ( BBVA) is acquiring a 24.9% stake in Turkiye Garanti Bankasi for $5.9 billion.

BBVA is acquiring a 18.6 percent from General Electric ( GE - Get Report) for about $3.8 billion and the remaining 6.3 percent from Dogus Group. Dogus Group and BBVA plan to jointly manage the bank.

The deal allows BBVA to enter Turkey, an emerging market the Spanish bank says has high growth potential.

As part of the deal BBVA will implement a $6.9 billion capital increase through preferred subscription rights to the group's current shareholders. The shares will be sold for a discount at $9.40 per share.

Credit Suisse ( CS - Get Report), Societe Generale ( SCGLY), Morgan Stanley ( MS - Get Report), Goldman Sachs Group ( GS - Get Report), Nomura ( NMR - Get Report), Citigroup ( C - Get Report), JP Morgan Chase ( JPM - Get Report) and UBS ( UBS) are managing the rights offering.

--Written by Maria Woehr in New York.

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