Macquarie Asset Management / Energy Assets Group merger inquiry
The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Macquarie Asset Management of Energy Assets Group.
Statutory timetable
| Date | Action |
|---|---|
| 25 September 2026 | Phase 1 decision announced |
| 29 July 2026 | Launch of merger inquiry |
| 15 May 2026 | Invitation to comment |
Phase 1
Reference unless undertakings accepted
25 September 2026: The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns. The full text of the decision will be published shortly.
- (25.9.26)
25 September 2026: The CMA has decided not to refer the above merger to a phase 2 investigation under the special energy network merger provisions of the Enterprise Act 2002 as this merger does not substantially prejudice Ofgem’s ability to make comparisons when carrying out its statutory functions under the Gas Act 1986 or Electricity Act 1989. The full text of the decision will be published shortly.
Launch of merger inquiry
29 July 2026: The CMA announced the launch of its merger inquiry by notice to the parties.
- (29.7.26)
Invitation to comment: closed
15 May 2026: The CMA is issuing this ‘invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK.
In addition, the CMA is considering whether this transaction may prejudice Ofgem’s ability to make comparisons between energy network enterprises.
The CMA has not yet launched its formal investigation into this transaction. This invitation to comment is the first part of the CMA’s information-gathering process.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
Energy Assets Group provides electricity and gas metering services, data services, and independent installation and adoption services for last mile utility connections.
Macquarie Asset Management is a global asset manager, with investments in the UK utility sector, including Last Mile Infrastructure, National Gas, Cadent, and Southern Water. Macquarie Asset Management is a business division of Macquarie Group Limited, which is also active in the UK utility sector through its Commodities and Global Markets division, which owns Corona Energy, and its Macquarie Capital division, which has investments in Matrix Networks and Stark.
Pre-notification
15 May 2026: The CMA has received the necessary information from the parties to commence pre-notification.
Contact
Please send written representations about any competition issues or Ofgem’s ability to make comparisons between energy operators to: macquarie.energyassetsgroup@cma.gov.uk
Privacy notice
Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please read our personal information charter.