Cox Calls Shareholders to Approve US$4.2 Billion Iberdrola Deal

Cox has called an extraordinary shareholders’ meeting for Nov. 4 to approve the acquisition of Iberdrola’s business operations in Mexico for US$4.2 billion, according to a filing with Spain’s National Securities Market Commission (CNMV).

If quorum is not met on the first call, the meeting will take place on Nov. 5, the company said. The transaction, announced in late July, would give Cox control of Iberdrola’s Mexican portfolio, which includes 15 generation plants totaling 2.6GW of installed capacity. Of that, 1,368MW correspond to combined-cycle and cogeneration facilities, while 1,232MW come from wind and solar assets.

The deal also includes Iberdrola México’s commercial arm, which is the country’s largest qualified power supplier, holding a 25% market share and supplying over 20TWh annually. In addition, Cox will acquire Iberdrola’s development pipeline in Mexico, which exceeds 12GW across various generation technologies. The company said it plans to gradually bring these projects online in accordance with Mexico’s regulatory framework promoting new generation.

Under the agreement, Cox will make additional payments to Iberdrola as new projects reach completion. When the acquisition was announced, the company said the move would allow it to achieve its strategic plan three years ahead of schedule. Originally set for the 2025-2028 period, the plan’s completion is now expected by the end of 2025.

Beyond the Iberdrola purchase, Cox plans to invest more than US$10.7 billion in Mexico between 2025 and 2030. This includes US$4 billion in new energy assets, up to US$1.5 billion in water concession projects, and additional capital for social and industrial development initiatives. The company also expects to expand its collaboration with CFE, to develop new generation projects.

If approved, the acquisition will mark one of the largest foreign investments in Mexico’s power sector in recent years, reinforcing private participation in electricity generation amid the government’s push to strengthen the national grid and promote new capacity. The operation also reflects growing investor confidence in the Mexican market, as international utilities and infrastructure firms seek to align with the country’s long-term energy transition goals.