Cox

Cox / Cox Acquires Iberdrola Mexico for $4.2 Billion

Cox Acquires Iberdrola Mexico for $4.2 Billion

  • With this acquisition, Cox completes its strategic plan three years ahead of schedule, initially set for the 2025–2028 period. The company is now expected to close 2025 with pro forma revenues of approximately €3 billion and €750 million in EBITDA.

  • The transaction scope includes 15 operational power plants with more than 2,600 MW of installed capacity, Mexico’s largest supplier to qualified users with a 25% market share and over 20 TWh, and a pipeline of more than 12 GW from various energy sources.

  • This acquisition boosts Cox’s revenues by over €1.3 billion and increases EBITDA by more than €500 million.

  • Due to its strong legal framework under the new energy regulatory plan (“Plan Mexico”), the country is considered a strategic market for Cox. The company plans to invest more than $10.7 billion in Mexico between 2025 and 2030, including the acquisition of Iberdrola Mexico. The transaction provides predictable, long-term EBITDA.

  • This is a transformational deal that creates significant synergies for Cox, positioning Mexico as a strategic market through the integration of the water and energy sectors.

Madrid, July 31, 2025. Cox, a global leader in water and energy management, has announced the acquisition of Iberdrola Mexico for $4.2 billion, a transaction finalized in recent days.

The acquisition aims to leverage Cox’s established presence and in-depth knowledge of the Mexican market, reinforcing its position in high-growth strategic markets through an investment aligned with its goal to focus on long-term, recurring EBITDA-generating assets, as outlined during its IPO last November.

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.

The agreed purchase price of $4.2 billion implies a 6.5x multiple over the estimated 2025 EBITDA.

This is a transformational transaction for Cox, elevating the company’s scale and strategic positioning, and establishing it as an integrated utility with solid, recognized leadership in the Mexican electricity market. With this acquisition, Cox completes its strategic plan three years ahead of schedule. The company is now projected to end 2025 with pro forma revenues close to €3 billion and €750 million in EBITDA.

Investment Plan in Mexico

Thanks to its strong legal certainty, Mexico represents a strategic market for Cox. The company has set an investment target of $10.7 billion in the country between 2025 and 2030. This includes the acquisition of Iberdrola Mexico’s platform, over $4 billion in new energy assets, up to $1.5 billion in water concession assets, and the development of a hub focused on Mexican welfare. Additionally, Cox plans to co-invest in new generation projects alongside CFE.

The Importance of Mexico

Mexico stands as the second most important electricity market in Latin America, supported by solid macroeconomic fundamentals and an investment-grade economy underpinned by a responsible fiscal policy. The country offers vast potential for increased penetration and growth in the power sector, bolstered by a sound and stable banking system. Moreover, a rising demand for energy is driving the need for substantial investment.

With an established presence in the Mexican market for several years, Cox is strategically positioned to manage Iberdrola’s platform in Mexico and capitalize on the growth opportunities in this strategic market.

The deal creates significant synergies for Cox within its strategy to make Mexico one of its key business hubs in Latin America by integrating water and energy solutions. This integration will generate employment, provide competitive electricity supply, and deliver water solutions tailored to local needs. Cox will also integrate Iberdrola Mexico’s workforce of over 800 professionals.

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Luis Arizaga Zárate

Independent Director

Member of the Audit Committee

Date of appointment: September 17, 2024

Shareholding in Cox Abg Group, S.A.: 11,514 shares

Partner of Exus Management Partners (Exus) and GenuX Power, a global renewable energy platform with offices in nine countries, managing 11GW of installed capacity, including 2.6GW in Mexico between wind and solar energy projects. Holds a Master of Business Administration (MBA) from the Leonard N. Stern School of Business at NYU in New York, and a bachelors degree in Accounting and Finance from ITESM in Mexico.

Prior to joining EXUS in 2019, he founded EIRA Capital, an investment platform focused on Energy and Infrastructure transactions in Mexico, and Latin America. He was also part of Australia’s Macquarie Group in Latin America, where he spent more than 7 years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, asset management activities, as well as third party advisory roles on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, public private partnerships, roads, and telecom companies. In addition, his previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank’s M&A group in New York, and Citibank’s M&A group in Mexico.

Other former relevant positions include his role as independent member of the investment committee of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican mortgages and housing government agency).

Enrique Riquelme Vives

Presidente Ejecutivo

Fecha de nombramiento: 17 de septiembre de 2024

Participación en el capital social de Cox Abg Group, S.A.: 50.601.230 acciones

COX

Presidente Ejecutivo de Cox, tras iniciar su andadura profesional en el sector inmobiliario y de la construcción, en 2010 fundó Grupo El Sol en Panamá, especializado en operaciones de minería, cemento, infraestructuras y energía. Con el tiempo, la empresa se convertiría en el mayor proveedor de arena de la UTE responsable de la ampliación del canal de Panamá. Posteriormente, pasó a liderar las fases de oferta y desarrollo de Rainbow 50: el proyecto fotovoltaico de mayor envergadura ejecutado en América Latina hasta aquel momento.

Ha recibido varios galardones por su contribución al mundo empresarial en España, entre ellos el Premio del Certamen Nacional de Jóvenes Emprendedores 2018. También ha sido distinguido como uno de los «100 latinos más influyentes comprometidos con la acción climática» y uno de los «100 españoles más creativos del mundo de los negocios» según la revista Forbes. Actualmente, es miembro del Consejo Internacional de la San Telmo Business School y preside el Consejo Asesor de la Fundación Scholas para Panamá, Centroamérica y Caribe.