CMA metering firm deal scrutiny as undertaking is offered

The Competition and Markets Authority (CMA) has moved its scrutiny of a metering firm deal into a new stage, and is now examining a proposed undertaking rather than seeking to block the transaction. Macquarie has offered to sell part of Energy Assets Group’s gas metering business as the price of clearing its planned acquisition of the company. The CMA has not yet accepted the offer.

The details come from the regulator’s announcement of 9 October 2026, as reported by PYMNTS.com and London Daily News. The account below relies on those reports of the announcement.

What is changing in the CMA’s metering infrastructure merger review

Macquarie announced in February 2026 that it had agreed to acquire Energy Assets Group. The deal would combine Energy Assets Group with National Gas Metering, which Macquarie controls. According to the CMA, Energy Assets Group is already the largest supplier in the affected market.

After a Phase 1 investigation, the regulator found that the merger could significantly reduce competition in Britain’s non-domestic gas metering market. It named Stark and SMS as the other main competitors, and noted that Macquarie also holds a minority investment in Stark.

The offered remedy is narrow. Energy Assets Group would sell its non-domestic gas meter reading operations covering traditional and advanced meters, rather than smart meters, to a buyer the CMA approves. The buyer would have to show it can run the business as an effective independent competitor, according to the regulator.

CMA undertaking in the metering sector: who is affected

The people most directly affected are commercial gas customers, not households. The CMA said the services involved include meter installation, maintenance and the collection of consumption data used for billing. London Daily News noted that for businesses with non-smart meters, meter reading is part of the practical chain that turns gas use into a bill.

Nothing changes for those customers today. London Daily News stressed that the CMA has not found that customers have already suffered harm, and has not directed anyone to change supplier or metering arrangements. The concern is about what could happen if the two businesses combined without a rival taking over part of the market.

It is also a different kind of case from an earlier CMA energy intervention. The regulator proposed a price cap for households on pre-payment meters, after an investigation into the energy market, according to the BBC. That inquiry dealt with domestic tariffs. This one concerns a back-office service sold to businesses, so household energy bills are not part of it.

What the regulator and others have said

Sorcha O’Carroll, a senior director at the CMA, said the proposed measures could provide a solution to the competition issues identified, according to PYMNTS.com. She said the authority will test whether the business being sold would have the resources and commercial capabilities to compete with Macquarie after the deal. The CMA said its initial assessment gives it reasonable grounds to believe the commitments, possibly with modifications, could be enough.

The sources do not report any public criticism of the offer, and no competitor or customer group has been quoted. The caution comes from the regulator itself. London Daily News described the announcement as an offer under consideration, not a final settlement, and said a sale like this is only as good as the asset package, the buyer and that buyer’s ability to compete independently.

That is the practical argument for a remedy over a block: it removes the part of the deal that creates the concern while letting the rest proceed. The risk is that a divested business is too weak, or sold to the wrong buyer, to replace the competition lost. The CMA has said that is exactly what it will examine.

What happens next, and what to do now

The CMA will assess the commitments over the next 40 working days, consulting interested third parties and evaluating prospective purchasers. If the clock started on 9 October, that would run to about Friday 4 December 2026. That is our calculation, not a date the CMA has given, so treat it as indicative.

For commercial gas customers, there is nothing to do now. Check whether your meter is a traditional or advanced one rather than a smart one, because that is the group the proposed sale covers. Keep an eye on your meter reading provider for any notice of change.

Businesses active in the market can comment during the consultation. The announcement names no buyer and gives no sale price, so the next real information will be who is proposed to take the business, and whether the CMA judges that buyer capable.