What was the purpose, size, and key financial terms of the bridge loan Cox Group secured for the Iberdrola Mexico acquisition?

Cox ABG Group SA secured a previously unreported six-month equity bridge loan of up to €60 million in March to help fund its $4.2 billion acquisition of Iberdrola SA’s Mexican assets; the loan carried a 20% interest rate, offered the Madrid-based investment fund lender an expected 54% internal rate of return if repaid within the first five months (or 82% if paid at maturity), and would yield a 1.2x multiple on invested capital if repaid before maturity.

How did Cox Group plan to finance the $4.2 billion Iberdrola Mexico acquisition overall, and what role did the bridge loan play in that structure?

Cox planned to finance the acquisition with approximately 25% equity and the remainder in debt, where Cox itself provided about 60% of the equity and unnamed 'top tier partners' supplied the rest of the preferred equity; the bridge loan represented only a small portion of the total financing, which had an average debt cost of 6.92% and an average maturity of six and a half years.

Cox Group Secures Bridge Loan for Iberdrola Mexico Acquisition

May 25, 2026

Cox ABG Group obtained a €60 million bridge loan to finance its $4.2 billion acquisition of Iberdrola's Mexican assets, effectively doubling its revenue.

bloomberg

2026-05-25

Cox Group Secures Bridge Loan for Iberdrola Mexico Acquisition

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