• Cox obtains support for bank financing in the amount of 2,650 million dollars, subscribed with seven top-tier banking entities: Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Santander and Scotiabank, which means the support of the international financial community for the operation and energy development in Mexico
• The operation, announced on June 31, receives all the necessary authorizations, including the National Energy Commission and the National Antimonopoly Commission

• The acquisition is a transformational operation for Cox and consolidates Mexico as a strategic country on its roadmap for the coming years

Madrid, 26 January 2026.  Cox, a global water and energy utility, has secured the planned bank financing for a total amount of 2,650 million dollars for the acquisition of Iberdrola Mexico, announced on July 31, structured as a syndicated financing with seven top-tier financial institutions: the US Citi and Goldman Sachs, the European Barclays and Deutsche Bank,  the Spanish Santander and BBVA – both with a very significant presence in Mexico – and Bank of Nova Scotia, a Canadian entity with a significant footprint throughout the American region. This group of banks reinforces the financial community’s support for Cox and the confidence in the value creation associated with Cox’s acquisition of Iberdrola Mexico.

The tranche not covered by bank financing will be supplemented by capital to be contributed by Cox, together with financing from institutional investors, in line with what was announced by the Company on its Capital Markets Day last October in London. With the securing of this financing, Cox confirms its ability to execute the acquisition and is progressing to the completion of the transaction on schedule.

In addition, the Company has obtained authorization from the Mexican National Energy Commission (CNE) and the National Antimonopoly Commission (CNA) for the closing of the acquisition. These authorizations have been received in a shorter period than usual, which reinforces the positive institutional reception of the project and allows progress in the planned schedule to complete the transaction.

“This transaction is transformational for the Company, elevating Cox to a new level in terms of size and strategic positioning, and consolidating it as an integrated utility with solid and recognized leadership in the Mexican electricity market,” said Enrique Riquelme, Executive Chairman of Cox, who stressed that “the group of banks with which the financing has been secured demonstrates the support of the financial community for Cox and its support for the operation.”

The relevance of the operation

 The transaction allows Cox to leverage its in-depth knowledge of the Mexican market and strengthen its presence in strategic and high-growth markets, advancing its strategy of investing in assets that generate recurring and long-term EBITDA. The perimeter of the transaction includes an operating installed capacity of more than 2,600 MW, a portfolio of generation projects of 12 GW and the largest private supplier in Mexico, with approximately 25% market share, more than 20 TWh and more than 500 large customers, reinforcing Cox’s profile as a relevant player in the region’s energy transition.

This corporate milestone creates important synergies for Cox by reinforcing its strategy to make Mexico one of its major business focuses on the Latin American market, through the integration of its water and energy activities and the development of water solutions adapted to national and local needs, along with a competitive electricity supply for the business fabric. In addition, the Company will integrate the entire workforce of Iberdrola Mexico, nearly 700 professionals, which will preserve talent, guarantee operational continuity and accelerate the capture of growth opportunities in the country.