CMA Reviews Macquarie’s Proposed Undertakings
The Competition and Markets Authority (CMA) is currently evaluating Macquarie’s commitment to divest Energy Assets Group’s (EAG) non-domestic gas meter reading services, which utilise traditional non-smart meters. This initiative aims to address competitive concerns raised during the initial phase of the investigation into the merger.
In February 2026, Macquarie announced its intent to acquire EAG, both of which are key players in the gas metering sector across Great Britain. Their services encompass the installation and maintenance of gas meters as well as the collection of consumption data necessary for billing purposes.
Upon concluding its preliminary investigation, the CMA determined that the merger of Macquarie-controlled National Gas Metering and EAG, the leading provider in this domain, would significantly heighten market concentration in an already competitive landscape. The resultant market share from this merger would be substantial, leaving Stark, in which Macquarie holds a minority stake, and SMS as the only significant competitors.
Proposed Divestment to Ensure Market Viability
To alleviate the CMA’s concerns, Macquarie has proposed that EAG divest its non-domestic, non-smart gas metering services business to a suitable buyer capable of sustaining it as a competitive force within the market.
The CMA has acknowledged that the proposed remedies could potentially resolve its concerns and will now undertake a comprehensive examination over the next 40 working days. This process will include soliciting feedback from third parties and evaluating potential buyers. Should the CMA find the undertakings satisfactory in addressing its competition concerns, it will provisionally approve the merger. Conversely, should the proposals fall short, the CMA retains the option to escalate the matter to a Phase 2 investigation.
Statements from CMA Officials and Next Steps
Sorcha O’Caroll, Senior Director at the CMA, expressed optimism regarding Macquarie’s proposals, stating, “We believe Macquarie’s proposals have the potential to resolve our competition concerns. We will now carry out a more detailed assessment to ensure that EAG’s non-smart gas metering business – once sold – will be able to compete effectively with Macquarie.”
She further highlighted the CMA’s commitment to consulting on the proposals before reaching a final decision regarding their acceptance.
Further Information and Contact Details
For more details regarding the merger inquiry involving Macquarie Asset Management and Energy Assets Group, interested parties can visit the relevant case page on GOV.UK.
As the CMA considers the proposed undertakings, it is believed that there are reasonable grounds for acceptance, either in their original form or as modified. If the undertakings are accepted, they will be legally binding, enabling the CMA to clear the merger conditionally, thereby avoiding an extensive Phase 2 investigation.
The formal acceptance of these undertakings would allow the CMA to authorise the merger under the provisions of the Enterprise Act 2002.
For any media inquiries, please reach out to the CMA press office via email at press@cma.gov.uk, or by telephone at 020 3738 6460. For out-of-hours inquiries, please use the out-of-hours number 020 3738 6878. The CMA’s office operates Monday to Friday from 9 am to 5:30 pm, with the out-of-hours number available during bank holidays.