Cox secures $2.65B financing for Iberdrola México acquisition

By Global Infrastructure Sherpa · Jan 27, 2026

Acquisition announced Mexico Jan 27, 2026

USD2.6B

Deal Value

2.6 GW

Capacity

Cox has obtained $2.65 billion in syndicated bank financing to complete the acquisition of Iberdrola México, which was announced on July 31. The transaction is structured as a syndicated loan underwritten by seven top-tier financial institutions. With the financing now secured, Cox confirms its ability to execute the acquisition and continues to move towards completion in line with the established timetable.

Deal Analysis

Cox's securing of $2.65 billion in syndicated financing to acquire Iberdrola México marks a significant step towards completing the announced acquisition. The financing, underwritten by a consortium of seven top-tier financial institutions including Citi, Goldman Sachs, Barclays, Deutsche Bank, Santander, BBVA, and Scotiabank, demonstrates strong market confidence in the deal and Cox's ability to execute the transaction. The acquisition of Iberdrola México, with its 2.6 GW capacity, will significantly expand Cox's presence in the Mexican energy market. This deal is notable for its size, the involvement of major players in both the energy and finance sectors, and its potential impact on the Mexican energy landscape. The acquisition allows Cox, a diversified holding company, to enter the Mexican power generation market. The involvement of global financial institutions underscores the attractiveness of the Mexican energy sector and the scale of investment required for such acquisitions. Regulatory bodies like Comisión Nacional de Energía (CNE) and Comisión Nacional Antimonopolio (CNA) may play a role in overseeing the transaction.

Acquisition valued at $2.65 billion.
Financing secured through a syndicated loan from seven major financial institutions.
Iberdrola México has a power generation capacity of 2.6 GW.
Cox Enterprises expands its presence into the Mexican energy market.

Market Context: The deal takes place within the North American, specifically Mexican, energy market. Iberdrola México focuses on power generation, primarily through renewable energy sources, and the supply of electricity to industrial and commercial customers.