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3mo ago

Cox Secures $2.65 Billion Loan and Regulatory Green Light to Close Iberdrola México Deal

The $4.2 billion acquisition uses a seven‑bank syndicate, with the balance supplied by Cox capital plus institutional investors.

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Overview

  • Cox said the syndicated facility totals $2.65 billion, confirming the financing plan outlined at its October Capital Markets Day.
  • The lender group comprises Citi, Goldman Sachs, Barclays, Deutsche Bank, Santander, BBVA and Bank of Nova Scotia (Scotiabank).
  • Mexican regulators CNE and CNA approved the transaction, with authorizations delivered faster than typical, allowing closing and integration work to proceed.
  • The acquired platform includes more than 2,600 MW in operation, a 12 GW development pipeline, roughly 25% private‑market share, over 20 TWh supplied and more than 500 large customers.
  • Cox plans to integrate about 700 Iberdrola México employees, with CEO Enrique Riquelme calling the deal transformational for the company’s position in the market.