お知らせ • Apr 26
Cox ABG Group, S.A. (BME:COXG) completed the acquisition of Iberdrola Mexico, S. A. de C. V. from Iberdrola, S.A. (BME:IBE) in a transaction valued at $4 billion.
Cox ABG Group, S.A. (BME:COXG) entered into share purchase agreement to acquire Iberdrola Mexico, S. A. de C. V. from Iberdrola, S.A. (BME:IBE) for an enterprise value of $4.2 billion on July 31, 2025. The agreed valuation of Iberdrola México, in terms of enterprise value, is approximately $4.2 billion, which may be adjusted depending on the closing date of the Transaction (between the fourth quarter of 2025 and the first quarter of 2026) and other standard adjustments in these types of transactions. Cox ABG Group will fund the transaction in Combination of approximately 25% equity from Cox own funds plus commitments from relevant institutional investors and 75% acquisition debt from banks already provided terms and preliminary debt financing commitments. Cox ABG Group will pay to the Seller at signing of the agreement $35 million (equivalent to approximately €30,58 million), which will be deducted from the amount to be paid at closing of the Transaction. The transaction includes 2,600 MW of installed operational capacity, of which 1,368 MW are combined-cycle and cogeneration plants, 1,232 MW are renewable energy assets, and a generation project pipeline of 12 GW. It also includes the largest qualified user supplier in Mexico, with a 25% market share and more than 20 TWh distributed across over 500 large clients.
As of January 26, 2026, Cox has obtained support for bank financing in the amount of $2.65 billion, subscribed by seven banking entities: Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Santander, and Scotiabank. In the framework of this operation, Cox has had the support of top-tier international investors such as Allianz Global Investors, Gramercy, and GMO.
The transaction is subject to the fulfillment of certain standard conditions precedent, including, among others, the obtention by Cox of the regulatory approvals from the Mexican National Energy Commission (Comisión Nacional de Energía) and the Mexican Antitrust Commission (Comisión Nacional Antimonopolio), as well as the approval of the transaction by Cox ABG Group, S.A.’s General Shareholders’ Meeting. Cox’s principal shareholders, representing more than 84% of the share capital, have undertaken by means of the execution of irrevocable commitments to vote in favor of the transaction at said Meeting.
As of January 26, 2026, Cox ABG Group, S.A. has obtained authorization from The Mexican National Energy Commission (CNE) and The National Antimonopoly Commission (CNA) for the closing of the acquisition.
The transaction is expected to close between the fourth quarter of 2025 and the first quarter of 2026) and other standard adjustments in these types of transactions.
Francisco Cerezo, Robert da Silva Ashley, Michael McGuiness, Amadeu Ribeiro and Frank Mugabi of DLA Piper LLP (US), Mauricio Valdespino, Edgar Romo, Guillermo Aguayo and Roberto Ríos of DLA Piper México, S.C. and Yoko Takagi of DLA Piper Rudnick Gray Cary Spain S.L acted as legal advisor to Cox ABG Group, S.A. Barclays PLC acted as financial advisor to Iberdrola, S.A. Antonio Morales of Baker McKenzie acted as legal advisor to Iberdrola, S.A. Bank of America (Espana) SA acted as financial advisor to ABG Group, S.A. Morgan Stanley México, Casa de Bolsa, S.A. de C.V. acted as financial advisor to Iberdrola, S.A. J.P. Morgan Securities PLC, Sucursal En Espana acted as financial advisor for Cox ABG Group, S.A. Milbank, Juan Aznar de la Haza, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Pricewaterhousecoopers and Chévez Ruiz Zamarripa acted as legal advisors to Cox ABG Group, S.A.
Cox ABG Group, S.A. (BME:COXG) completed the acquisition of Iberdrola Mexico, S. A. de C. V. from Iberdrola, S.A. (BME:IBE) in a transaction valued at $4 billion on April 24, 2026. With this acquisition, valued at $4 billion, Cox incorporates a platform of high-quality assets with a solid operational track record, a top-tier customer base, and high revenue stability, as a large part of the activity will be backed by recurring income. These are consolidated businesses with high cash generation capacity, significantly strengthening the Group’s profile. The completion follows fulfilment of all the conditions precedent agreed between the parties.