Cox

Cox unanimously approves the acquisition of Iberdrola México at its Extraordinary General Meeting

  • Cox’s Extraordinary General Meeting of Shareholders recorded a quorum of 84.30%.
  • All resolutions on the agenda were approved with 100% of votes in favour, thereby unanimously endorsing the acquisition of Iberdrola México.
  • This is a transformational transaction positioning Cox as a key player in the Mexican market, aligned with the company’s growth strategy.

 

Madrid, 4 November 2025 – Cox’s Extraordinary General Meeting of Shareholders today approved the acquisition of 100% of Iberdrola México’s share capital, giving the green light to a transformational transaction that strengthens its position as a global water and energy utility and consolidates its leadership in one of its most strategic markets.

Through this acquisition, Cox, present in Mexico for more than a decade, gains access to a platform with 2,600 MW of installed operational capacity and the country’s largest private supplier, with a 25% market share and more than 20 TWh distributed among over 500 major clients.

The transaction positions Cox as a key player in the Mexican energy market, one of the countries it knows best among the nearly thirty in which it operates. Furthermore, it aligns with the new regulatory framework under the Plan México, which enhances legal certainty for foreign investment.

Transaction progressing as planned

Cox’s Executive Chairman, Enrique Riquelme, stated: “The integration of Iberdrola México is a decisive step in our global strategy. It strengthens our presence in a key market, anticipates our strategic objectives and consolidates Cox as a relevant global player in the water and energy sectors.”

The meeting recorded a quorum of 84.30%, and all three resolutions on the agenda were approved with an average of 100% of votes in favour, reflecting shareholders’ confidence in the company.

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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.: 50.612.744  acciones

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.