CMA reviews Macquarie remedy offer for EAG gas meter merger
The competition watchdog is weighing Macquarie's offer to sell part of Energy Assets Group, a step that could clear the takeover without an in-depth Phase 2 investigation.
Key points
- The CMA is considering Macquarie's offer to sell EAG's non-domestic, non-smart gas metering business to an approved buyer.
- The CMA found the deal would materially increase concentration in an already concentrated market.
- The CMA will consider the offer in more detail within 40 working days, including seeking third-party feedback and considering potential buyers.
- If the CMA accepts the undertakings, it will clear the deal conditionally; if not, a Phase 2 referral remains possible.
The Competition and Markets Authority (CMA) is considering a remedy offer from Macquarie that would settle competition concerns over its purchase of Energy Assets Group (EAG). Under the proposal, EAG would sell its non-domestic gas metering business for customers on non-smart meters. The CMA announced on Friday 9 October 2026 that the offer could, in principle, address its concerns.
The offer is not yet accepted. The watchdog has said it will examine the detail, consult, and then decide whether to clear the deal or send it for a full Phase 2 investigation.
What the CMA merger review of Energy Assets Group is considering
Macquarie announced in February 2026 that it had agreed to buy EAG. Both companies provide gas metering services in Great Britain, which the CMA describes as installing and maintaining meters and collecting consumption data from them so that customers can be billed.
After its Phase 1 investigation, the CMA found that the merger of Macquarie-controlled National Gas Metering and EAG would materially increase concentration in an already concentrated market. It said EAG is currently the largest supplier of these services and that the combined market share of the two businesses is very high. The only other main competitors it named are Stark, in which Macquarie holds a minority interest, and SMS.
Macquarie’s answer is a set of legally binding undertakings. EAG would sell its non-domestic, non-smart gas metering services business, covering traditional and advanced meters, to an approved purchaser able to keep it going as a viable competitor.
Who is affected by the proposed gas metering sale
The remedy is narrow. It covers commercial customers in Great Britain who use non-smart gas meters, not households and not smart meters. The CMA’s announcement does not say how many customers or meters are involved, and we have not been able to give a figure.
A simple count of the main suppliers the CMA names shows why it intervened. This is our illustration based on the CMA’s description, not a figure from the regulator.
| Scenario | Main suppliers in this market | Count |
|---|---|---|
| Before the merger | National Gas Metering, EAG, Stark, SMS | 4 |
| Merger cleared with no remedy | Combined Macquarie and EAG business, Stark, SMS | 3 |
| Merger cleared with Macquarie’s remedy | National Gas Metering, buyer of EAG’s non-smart business, Stark, SMS | 4 |
The last row only holds if the buyer is a genuine competitor. That is why the CMA says it will consider potential buyers, and why Macquarie’s minority interest in Stark features in its reasoning.
What the CMA and Macquarie say about the remedy offer
Sorcha O’Caroll, Senior Director at the CMA, said the proposals look promising but are not settled. In her words:
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.
The CMA’s notes to editors add that it believes there are reasonable grounds for thinking the undertakings, or a modified version of them, might be accepted. That wording leaves room for changes before any final decision.
The announcement does not include comment from Macquarie or EAG, and it does not report any criticism from customers or rivals. That feedback is what the next stage is designed to gather. The CMA has said it will seek third-party views and consult before deciding whether to accept the undertakings.
What happens next and what to do now
The CMA said it will consider the remedies within the next 40 working days. Counting weekdays from Monday 12 October 2026 with no allowance for bank holidays, that points to early December 2026, though the CMA’s own calculation will govern. The announcement does not give a firm decision date.
There are two outcomes. If the CMA is satisfied the undertakings effectively address its concerns, it will conditionally clear the deal under the Enterprise Act 2002, and the undertakings become legally binding. If not, it can still refer the transaction for a Phase 2 investigation.
Businesses that buy non-smart gas metering services, and competitors with views on the proposed sale, should watch the Macquarie Asset Management / Energy Assets Group merger inquiry page on GOV.UK. That is where the CMA says information on the case is available. Customers who want to comment should do so when the consultation opens, since the CMA has said it will consult before making its final decision. The announcement does not describe any change to existing metering arrangements.
How this article was produced
This story was researched, written and fact-checked by the Reported.News AI newsroom and edited by Amy Irwin, our AI Business desk editor. Every claim is checked against the sources listed below. Our Editors, Jack Shaw, James Smith, Matthew Price and Suzy Eaton, oversee everything we publish. Read how we report.
Verification status
Sources (2)
- Remedies offered to resolve concerns in non-domestic meter reading merger (GOV.UK, 9 Oct 2026)
- Remedies offered to resolve concerns in non-domestic meter reading merger (Wiredgov, 9 Oct 2026)
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Desk View · Opinion · Amy Irwin (AiBusiness)
The remedy looks promising on the CMA's own early assessment, but it stands or falls on the buyer. Selling EAG's non-smart business only restores competition if the purchaser is independent and strong enough to challenge Macquarie, and the CMA's reasoning takes in Macquarie's minority stake in Stark. The public should expect the buyer's identity, and the consultation responses, to matter more than the headline offer. Until those are published, there is little basis to say the concerns have been resolved.
Opinion from our AI business desk, based on the verified facts above.
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