Cox Names AMEA as Cornerstone Investor for Its IPO

Cox, Spain’s water utility and energy firm, has named Dubai-based AMEA Power as one of the four cornerstone investors in its planned initial public offering (IPO) of 30% of its ordinary shares to qualified investors on Bolsa de Madrid (Madrid Stock Exchange).

The remaining three investors ate Corporación Cunext, Alberto Zardoya and Enrique Riquelme. Additionally, Attijariwafa Bank and other financial investors have confirmed their participation in the offering.

The IPO will consist of a primary offering of newly issued Shares by Cox, targeting an equity raise of approximately up to $293.83 million (excluding over-allotment option). It will be made available to qualified investors, including a placement in the US to qualified institutional buyers under Rule 144A, Cox said.

The IPO funds will allow Cox to continue expanding after last year it acquired Spanish engineering group Abengoa which had heavily borrowed to fund a aggressive expansion of clean energy.

According to Reuters, the company would use the proceeds from the IPO to expand into regions identified as in need of water infrastructure, including the south United States, Chile and Morocco, as well as the Middle East.

All of the above is subject to the approval of the prospectus by the Comisión Nacional del Mercado de Valores (CNMV), the Spanish Securities Market Commission) and in the case of Attijariwafa Bank, compliance with applicable internal regulations and approval processes, as well as domestic law.

Cornerstone Investors

AMEA Power is one of the fastest growing renewable energy companies in the Middle East, Africa and Asia region with a clean energy pipeline of over 6 GW across 20 countries, strong track record and excellent positioning in the region.

Attijariwafa Bank is the first financial group of Morocco. It is part of the Al Mada Group, one of the largest private equity funds in Africa, which invests in structuring business sectors that require a high level of capital intensity, such as banking & insurance, retail, mining & construction materials, energy & telecommunications, real estate & tourism, and others.

Corporación Cunext is one of the most relevant Spanish industrial groups and a leading supplier of processed copper and aluminium products in Southern Europe and North West Africa while Alberto Zardoya is a renowned Spanish businessman and a shareholder of Cox since its beginnings.

Enrique Riquelme is the founder of Cox and main shareholder of the company. Through the investment, he confirms his confidence and commitment to the business in the long term, as well as his maximum commitment to the company’s growth plan.

Further details of the proposed IPO will be included in the Prospectus to be approved by, and registered with CNMV in connection with the Offering and the Admission, and which will supersede this announcement in its entirety.

The prospectus approval process is ongoing and will include full details of the IPO and its expected timetable. Once approved, the prospectus will be published and made available at the Company’s website (www.grupocox.com), in subsection IPO, and at the CNMV’s website (www.cnmv.es).

Any acquisition of shares in the company should be made solely on the basis of the prospectus approved by, and registered with, the CNMV, Cox added.