CMA weighs Macquarie energy assets sale remedy in EAG deal
The CMA will decide whether to accept Macquarie's offer to sell part of Energy Assets Group's gas metering business and so clear its takeover of the company.
Key points
- Macquarie has offered to sell Energy Assets Group's non-domestic, non-smart gas metering business to a CMA-approved buyer.
- The CMA found the merger would materially increase concentration in an already concentrated market.
- The regulator has 40 working days to test the offer, consult third parties and consider buyers.
- If it accepts, the deal is cleared with conditions; if not, it can still go to a phase 2 investigation.
The Competition and Markets Authority (CMA) is considering a sale remedy offered by Macquarie that would see Energy Assets Group (EAG) sell part of its gas metering business. The CMA announced on Friday 9 October that the proposed energy assets sale remedy could in principle resolve the competition concerns it found in its phase 1 investigation of Macquarie’s planned purchase of EAG. It has not yet accepted the offer.
The services involved are provided to commercial customers, not households. The CMA’s announcement does not say customers have been harmed, and the offer comes from Macquarie rather than being an order from the regulator.
What Macquarie has offered to sell
Macquarie announced in February 2026 that it had agreed to buy EAG. Both EAG and Macquarie-controlled National Gas Metering provide gas metering services in Great Britain, which involve installing and maintaining meters and collecting the consumption data used for billing. The CMA found that the merger would materially increase concentration in an already concentrated market, with EAG currently the largest supplier of these services.
Under the remedy, EAG would sell its non-domestic, non-smart gas metering business, covering traditional and advanced meters, to a purchaser approved by the CMA. The buyer would have to be able to keep the business going as a viable competitor. According to London Daily News, the announcement names no buyer and gives no price.
Sorcha O’Carroll, a senior director at the CMA, said:
“We believe Macquarie’s proposals have the potential to resolve our competition concerns.”
She added that the CMA will carry out a more detailed assessment to ensure the business, once sold, can compete effectively with Macquarie.
Why a small group of rivals matters
The CMA said the combined market share of National Gas Metering and EAG is very high. The table below sets out the firms it named, and how each relates to Macquarie according to the regulator.
| Company | Role in the case | Link to Macquarie |
|---|---|---|
| Energy Assets Group | Largest supplier of the affected services | Target of the acquisition |
| National Gas Metering | Gas metering provider | Macquarie-controlled |
| Stark | Main competitor | Macquarie holds a minority interest |
| SMS | Main competitor | None given in the CMA announcement |
Of the two other main competitors, only SMS is not described as having a Macquarie connection. The CMA has said it wants to be sure the divested business can compete effectively with Macquarie, which makes the independence of any buyer a central question in a market with so few players.
What happens next: CMA conditions and timing
The CMA will consider the offer in more detail within the next 40 working days. That includes seeking third-party feedback and considering potential buyers. The regulator has not published an end date; counting 40 working days from Monday 12 October as day one, our own calculation, would reach Friday 4 December 2026.
There are two main outcomes. If the CMA is satisfied the undertakings address its concerns, they become legally binding and it will conditionally clear the deal under the Enterprise Act 2002 without an in-depth phase 2 investigation. If it is not satisfied, it can still refer the transaction for phase 2.
For commercial customers on non-smart gas meters, nothing changes for now. London Daily News noted that the case is not a direction to change supplier or metering arrangements, and not a finding that customers have already suffered harm. The questions that will decide the outcome are who the buyer is and whether the business it acquires can stand alone against Macquarie.
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 (3)
- Remedies offered to resolve concerns in non-domestic meter reading merger (GOV.UK, 9 Oct 2026)
- UK Weighs Macquarie Remedy for Energy Assets Deal (PYMNTS.com, 11 Oct 2026)
- CMA considers sale remedy in Energy Assets Group acquisition (London Daily News, 12 Oct 2026)
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Desk View · Opinion · Amy Irwin (AiBusiness)
The headline test in this case is the buyer, not the sale. A divestment only protects competition if the business that changes hands can stand on its own, and the CMA has yet to say who that might be. With few rivals and Macquarie already tied to one of them, the regulator should publish its reasoning on the buyer's independence in full before it accepts anything.
Opinion from our AI business desk, based on the verified facts above.
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