Cox Makes €4 Billion Offer to Acquire Iberdrola's Assets in Mexico

Imagen: Grupo Cox

Spanish company Cox has submitted an offer of approximately €4 billion to acquire Iberdrola’s remaining assets in Mexico, according to Spanish outlet El Confidencial. The portfolio includes 15 power plants — a mix of renewable and combined-cycle facilities — and the transaction would mark Iberdrola’s full exit from the Mexican market. It would also significantly strengthen Cox’s position in the country’s energy sector.

This new proposal follows Iberdrola’s 2024 sale of 55% of its Mexican assets for $6 billion, a deal described by the Mexican government as a “new nationalization” of the country’s power sector, although the acquisition was made by private investment fund Mexico Infrastructure Partners (MIP).

Iberdrola’s decision to fully divest from Mexico is reportedly driven by ongoing legal and fiscal uncertainty in the region, as the company seeks to focus growth efforts in the U.S. and U.K. markets. However, last Friday, President Claudia Sheinbaum stated that Iberdrola has no real reason to leave and denied that the company’s departure is due to a lack of legal certainty.

The negotiations between Cox and Iberdrola have progressed over recent months under a competitive process led by Barclays. Several international funds also took part in the process, but Cox has reportedly secured the necessary financial backing — including support from Citi — for a deal that would be over four times its current market capitalization.

The offer underscores Cox’s ambition in the clean energy and water management sectors. While neither Iberdrola nor Cox have officially commented, the Mexican government is closely monitoring the outcome and its potential impact on the local power market.

The deal remains subject to final contractual agreements and mutual approval. If completed, it would mark a major transfer of strategic energy assets in one of Latin America’s most important power markets.