Cox , a global integrated water and energy utility , has successfully completed the acquisition of Iberdrola Mexico, culminating a strategic and transformational operation that represents a milestone in the Group's evolution, as well as accelerating its growth in a key market for it.
The transaction was executed in line with what was announced to the market in July 2025, reflecting Cox's ability to approach transactions of this scale with rigor and discipline.
With this acquisition, valued at $4 billion, Cox adds a high-quality asset platform with a solid operating track record, a top-tier customer base, and strong revenue stability, as a large portion of the business will be supported by recurring income. These are well-established businesses with high cash-generating capacity that significantly strengthen the Group's profile.
The transaction fits perfectly into Cox's strategy. It strengthens its presence in Mexico, a priority market for the company, where it has been operating for more than ten years, and consolidates its vertically integrated model by combining generation, marketing, and industrial capabilities under a single platform.
On a pro forma basis, in 2025 the Group would have achieved revenues of €2.551 billion and EBITDA of €786 million, doubling and tripling the 2015 figures, respectively. Likewise, operating cash flow would be around €592 million, four times higher, reinforcing its cash generation capacity and long-term financial profile. This transaction is fully consistent with the Group's announced strategy of focusing its growth on a limited number of priority regions, particularly strengthening its presence in the Americas, where Mexico is a central pillar of the 2026-2028 plan.
Transaction perimeter
In business terms , the transaction encompasses an installed operating capacity of over 2,600 MW, a pipeline of generation projects totaling 12,000 MW, and Mexico's largest private energy supplier, with over 25% market share, 20 TWh of sales, and more than 500 large customers with the highest credit ratings. This position establishes Cox as a leading energy supplier in Mexico.
Enrique Riquelme, CEO of Cox : “ The closing of this transaction marks a decisive step in Cox's evolution. We are incorporating a high-quality platform in a market we know well, and we are doing so while maintaining our focus on discipline, integration, and long-term value creation. This acquisition strengthens our profile as an integrated utility and puts us in a position of greater scale and strength to face the next stage of the Group's growth. ”
Likewise, the group's president stated: “This operation aligns with President Claudia Sheinbaum and her administration's vision of transforming energy and water into genuine state policies that serve inclusive and sustainable development for all Mexicans. With an integrated platform that combines efficient power generation and advanced water management solutions, Cox is fully aligned with the Mexican government's priorities, which are focused on strengthening energy security, water sovereignty, and long-term investment in strategic infrastructure within a clear and fair regulatory framework, with national planning capable of attracting international investment. I have complete confidence in President Sheinbaum and her team, something they have demonstrated in an exemplary manner throughout this entire process.”
The acquisition consolidates Latin America as the group's main geographic focus and positions Mexico as a strategic hub for its growth and expansion in the region, supported by sustained energy demand, solid macroeconomic stability and high potential for infrastructure development, making the country a key platform for scaling operations into markets, further backed by the conviction that Mexico has the resources, talent and a development vision capable of driving a more efficient and sustainable energy model.
Mexico thus strengthens its position within Cox's portfolio, both due to the significance of the acquired assets and their strategic complementarity with the Group's existing operations in the country. The company will retain Iberdrola Mexico's management team and integrate its entire workforce of over 800 professionals.
As part of this operation, Cox has been backed by top-tier international investors such as Allianz Global Investors, Gramercy and GMO, and has been advised and financed by Citi, Barclays, BBVA, CIFI, Deutsche Bank, Goldman Sachs, Scotiabank, Santander and Milbank, as well as legally supported by DLA Piper, Juan Aznar de la Haza, Paul Weiss, PwC and Chevez.