Mexico

DLA Piper advised Grupo Cox (Cox), a leading Spanish multinational water and energy company, on the closing of its US$4.2 billion acquisition of Iberdrola’s Mexico assets and related financing – one of the energy sector’s most significant cross-border transactions of 2025. The deal closed on the terms, timeline, and structure announced to the market last July, when Cox and Iberdrola first signed the agreement. The landmark transaction incorporates a generation platform with 2,600 MW of installed operating capacity, a pipeline of approximately 12,000 MW of renewable projects at various stages of development, and the largest private power supplier in Mexico, with more than 25 percent market share, 20 TWh of commercialization, and 500-plus large corporate customers. Cox secured bank financing totaling US$2.65 billion for the acquisition, structured as a syndicated facility with seven top-tier financial institutions (Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander). The tranche not covered by bank financing was supplemented by capital contributed by Cox, together with financing from institutional investors such as Allianz Global Investors, Gramercy, and GMO. The DLA Piper team, co-led by attorneys in the United States and Mexico, supported Cox across all workstreams of the transaction. This included corporate, regulatory, financing, and corporate governance matters, working in close coordination with the international lenders and investors that backed the transaction. "The closing of this acquisition is a milestone for Cox and for the energy sector across the region,” said Francisco J. Cerezo, Chair of the US-Latin America and Ibero-American practices, who co-led the deal team. “It has been a privilege for us to accompany Cox in a transaction of this complexity and scale, combining highly sophisticated regulatory, financial, and cross-border components. We are grateful for the trust placed in us by the Cox team and proud of the result achieved.” “This transaction reaffirms Mexico’s strategic role as a long-term investment destination in the energy and water sectors,” said Mauricio Valdespino, US-Latin America Practice Group Regional Co-Leader – Corporate M&A and Private Equity, who co-led the M&A deal alongside Cerezo. “Supporting Cox in the integration of a platform of this magnitude – fully aligned with the country’s public policy priorities – has been an extraordinary opportunity for our team and reflects the depth of our practice across the region,” said Edgar Romo, US-Latin America Practice Group Regional Co-Leader – Finance, who co-led the financing transaction along with Rob da Silva Ashley, Global Co-Chair of the firm’s Energy and Natural Resources sector. In addition to Cerezo, Ashley (both Miami), Romo, and Valdespino (both Mexico City), the broader cross-border team of more than 75 attorneys included Partners Guillermo Aguayo, Roberto Ríos (both Mexico City), Joseline Rodriguez (Miami), Michael McGuinness, Amadeu Ribeiro, Jamie Knox, and Frank Mugabi (all New York). In Europe, the team was led by Yoko Takagi (Madrid) in collaboration with Richard Normington (London) and Xavier Guzman (Luxembourg). With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 15 consecutive years, according to Mergermarket, and ranked as number one in VC, PE, and M&A in combined global deal volume, according to PitchBook. DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations. DLA Piper's Latin America team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With more than 400 lawyers practicing throughout Argentina, Brazil, Chile, Mexico, Peru, and Puerto Rico, in addition to our US-based cross-border attorneys, our teams frequently work with our professionals throughout the LatAm region, the Iberian Peninsula, and around the globe. DLA Piper’s global platform of 90+ offices in more than 40 countries enables us to serve all our clients’ legal and business needs, whether they are based in Latin America or wish to do business there. For more information, visit Latin America | DLA Piper.

Canadian mining company Silverco Mining Ltd. announced the execution of a definitive share exchange agreement to acquire all issued and outstanding shares of Nuevo Silver Inc. in a transaction valued at approximately CAD$168 million, pursuant to which Nuevo Silver Inc. will become a wholly owned subsidiary of Silverco. As part of the transaction, Nuevo Silver shareholders will receive an aggregate of 16,802,316 common shares of Silverco. Nuevo Silver currently holds a 100% interest in the La Negra mine, located in Querétaro, Mexico, an operating silver-producing mine. As part of the transaction, Silverco will assume Nuevo Silver’s existing debt of approximately US$11 million related to the currently operating La Negra mine. In addition, Silverco will assume future obligations of up to US$12.5 million in milestone payments and up to US$5 million in contingent payments potentially owed to the former owner of the La Negra mine. Following completion of the transaction, former Nuevo Silver shareholders are expected to hold approximately 31% of Silverco’s outstanding shares, while existing Silverco shareholders will retain the remaining 69%. Closing of the transaction remains subject to customary regulatory and corporate conditions, including final approval from the TSX Venture Exchange (TSXV), which has already granted conditional acceptance of the transaction. This acquisition represents a significant strategic step for Silverco, adding a producing silver asset in Mexico to its portfolio and strengthening its presence within the regional mining sector. At ALN Mining Law Firm, we are proud to have advised Silverco Mining Ltd. on this important transaction, contributing our specialized legal expertise in the mining industry and supporting our clients in strategic cross-border transactions.  

ALN Mining Law Firm advised Vizsla Royalties Corp. (TSX-V: VROY) in connection with a definitive agreement with Elemental Royalty Corporation (TSX: ELE; NASDAQ: ELE), pursuant to which Elemental will acquire all issued and outstanding shares of Vizsla Royalties in a transaction valued at approximately US$240 million. The transaction marks a strategic milestone for both companies. For Elemental, it represents the largest single-asset acquisition in the company’s history and further strengthens its exposure to high-quality silver and gold assets through royalties tied to the Panuco Silver-Gold Project in Mexico, one of the world’s most significant advanced-stage silver projects.   For Vizsla Royalties, the transaction reflects the successful execution of the value creation strategy implemented since its 2024 spinout, while providing shareholders with immediate exposure to Elemental’s diversified royalty portfolio and continued participation in the long-term growth potential of the Panuco Project.   ALN acted as Mexican legal counsel to Vizsla Royalties, providing strategic advice on the legal aspects of the transaction. The deal further reinforces the firm’s experience in complex mining transactions and its ability to advise on high-value cross-border matters within the mining sector.

On May 13, 2026, the Institutional Program of the Mining Development Trust (FIFOMI) was published in the Federal Official Gazette, a significant update that redefines the operational and programmatic focus of this institution. This program is aimed at strengthening financing, training, and technical assistance for the national mining sector and its value chain. The new FIFOMI program focuses primarily on institutional strengthening and defining its operational guidelines. However, it also sends a clear message regarding the Federal Government’s current vision and priorities for the mining industry: to reposition FIFOMI as a key mechanism for promoting economic growth, social development, and sustainability in the sector. Among the most relevant aspects of the program for mining companies are the following: The program recognizes the need to attract foreign investment in order to harness the country’s geological potential, so that its implementation stimulates regional and social development. The Federal Government identifies mining as a strategic industry and emphasizes the need to develop mining projects aligned with environmental, social, and human rights standards, promoting public policies oriented toward sustainability and social well-being. FIFOMI will expand financing schemes aimed primarily at mining MSMEs and related companies through working capital loans, start-up or equipment financing, financial leasing, factoring, and revolving lines of credit. The program emphasizes regional integration and the development of “Well-being Hubs” and local production chains, prioritizing projects that generate employment, domestic content, industrial linkages, and community development. It favors projects with demonstrable regional impact and mining models with a greater social component and reliance on local suppliers. FIFOMI will expand its focus beyond traditional mining extraction to include supply chain activities, processing, specialized services, maintenance, transportation, and mining-related manufacturing. This means that not only companies holding mining projects but also companies integrated into the mining supply chain will be eligible for the program. From a strategic perspective, FIFOMI’s new institutional program outlines a series of action plans aimed at strengthening the competitiveness and sustainability of the national mining sector, aligning primarily with three government objectives: (i) improving access to financing mechanisms; (ii) strengthening value chains, procurement, and supply chains; and (iii) promoting social development through economic and productive growth in the sector. Given this, it is undeniable that FIFOMI positions itself as a relevant and highly beneficial tool for the mining sector, not only as a means of financing but also as a vehicle for technical support, institutional strengthening, and engagement with the Federal Government. At ALN Mining Law Firm, we are at your call to provide advice on how to take advantage of the programs offered by FIFOMI, as well as strategic planning to ensure maximum benefit for your projects in the mining sector.