UK's CMA opens probe into Macquarie's Energy Assets Group deal

The UK Competition and Markets Authority formally opened a phase 1 merger inquiry on 29 July 2026 into Macquarie Asset Management's acquisition of Scottish metering and grid connection operator Energy Assets Group. The deadline for the phase 1 decision is 25 September 2026. Sellers include Asterion Industrial Partners (Madrid), EDF Invest (France) and Swiss Life. Update (25.09.2026): In its phase 1 decision the CMA found that the deal may substantially lessen competition; the case moves to an in-depth phase 2 investigation unless the parties offer acceptable remedies. The authority declined to refer the merger under the special regime for energy network mergers (CMA case page, 25.09.2026). Update (9 Oct 2026): Macquarie has offered the CMA, as a remedy, to sell Energy Assets Group's non-domestic, non-smart gas metering business to an approved purchaser; the CMA will assess the offer within 40 working days, including third-party feedback, and may otherwise still refer the case to phase 2 (AJ Bell, 9 Oct 2026).