Competition and Mkts - Merger Update: Macquarie / EAG

Macquarie

09/10/2026 12:00

		
		
		
		
		
	
	
RNS Number : 3873Y
  
Competition and Markets Authority
  
09 October 2026
  
 

		

			

				Remedies offered to resolve concerns in non-domestic meter reading merger 
			
			

				Remedies submitted by Macquarie to address concerns over its acquisition of EAG may be accepted
			
			

				The Competition and Markets Authority (CMA) is considering Macquarie’s offer of legally binding undertakings to sell Energy Assets Group’s (EAG) business providing meter reading services to commercial customers using non-smart meters to resolve competition concerns identified during its phase 1 investigation.
			
			

				 
			
			

				Macquarie announced in February 2026 that it had agreed to purchase EAG. Both firms provide gas metering services in Great Britain. Gas metering services involve installing and maintaining meters, as well as collecting consumption data from meters to facilitate billing. 
			
			

				 
			
			

				Having concluded its phase 1 investigation, the CMA found that the merger between Macquarie-controlled National Gas Metering and EAG, currently the largest supplier of these services, would materially increase concentration in an already concentrated market. The combined market share of these businesses is very high, and the only other main competitors are Stark (in which Macquarie maintains a minority interest) and SMS.
			
			

				 
			
			

				The remedy submitted by Macquarie would result in EAG selling its non-domestic, non-smart (meaning traditional and advanced) gas metering services business to an approved purchaser who can maintain it as a viable competitor in the market. 
			
			

				 
			
			

				Having found that the remedies offered could in principle address its concerns, the CMA will now proceed to consider them in more detail within the next 40 working days, including seeking third-party feedback and considering potential buyers. If the CMA is satisfied that the undertakings effectively address its concerns, it will conditionally clear the deal. Otherwise, the CMA can still refer the transaction for a Phase 2 investigation.
			
			

				 
			
			

				Sorcha O’Caroll, Senior Director at the CMA, said: 
			
			

				“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. 
			
			

				 
			
			

				“We will consult on these proposals before making a final decision on whether to accept them.”
			
			

				 
			
			

				For information is available on the Macquarie Asset Management / Energy Assets Group merger inquiry - GOV.UK case page. 
			
			

				 
			
			

				NOTES TO EDITORS
			
			

				

					1.      The CMA considers that there are reasonable grounds for believing that the undertakings offered by Macquarie, or a modified version of them, might be accepted by the CMA and is considering the offer. 
				
			
			

				

					2.      The CMA will consult on the proposed undertakings before deciding whether to accept them. If accepted, the undertakings will become legally binding and the CMA will conditionally clear the merger without referring it to an in-depth phase 2 investigation.
				
			
			

				

					3.      Formal acceptance of the undertakings would result in the CMA clearing the deal under the Enterprise Act 2002
				
			
			

				

					4.      For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.
				
			
			

				 
			
		
	
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