The transaction forms part of Iberdrola’s broader strategy to optimise its international portfolio and marks a defining step in Cox’s growth as a leading infrastructure platform in Latin America. It represents a transformational milestone for Cox, significantly enhancing its scale and strategic positioning as an integrated energy and water utility in Mexico, a core market for the group.

Through the acquisition, Cox has integrated a high-quality operational platform comprising approximately 2.6 GW of installed generation capacity, positioning it as the largest private energy supplier in Mexico with a market share exceeding 25%. The transaction also includes a substantial pipeline of renewable energy projects, supporting Mexico’s ongoing energy transition and long-term infrastructure development.

The acquisition was supported by a secured notes financing, bringing together approximately USD 350 million of commitments from leading institutional investors, including Allianz, Gramercy and GMO, alongside bank and other acquisition financing sources. The financing reflects continued strong institutional appetite for large-scale energy and infrastructure assets in the region.

Our Luxembourg team supported Allianz throughout the transaction in its capacity as institutional investor, advising across the financing structure, credit support framework and closing mechanics underpinning the acquisition.

This matter illustrates our experience supporting leading global investors at the intersection of acquisition finance, capital markets and tax structuring in complex cross-border transactions.