Sydney, May 16, 2026, 02:06 AEST
Macquarie Group Ltd’s bid for Energy Assets Group now faces a look from the UK’s Competition and Markets Authority, which is collecting feedback on the proposed deal through May 29. The CMA noted the case remains open but stressed it hasn’t yet kicked off a formal Phase 1 probe.
That’s front of mind now, with Macquarie posting a robust year: net profit reached A$4.847 billion, up 30%. Its asset management unit added to the gains. The group is still pushing capital into private infrastructure—where regulatory sign-off can carry as much weight as price.
This isn’t your standard bolt-on. Macquarie Asset Management reports global assets under management of roughly A$722.1 billion, with UK utilities still standing out as a prominent, long-haul infrastructure play for the group.
Back in February, Macquarie Asset Management announced that its managed funds reached a deal to acquire the entirety of Energy Assets Group from Asterion Industrial Partners, EDF Invest, and Swiss Life Asset Managers. Energy Assets Group oversees 1.8 million advanced and smart meters and holds 148,000 grid connections—those are the infrastructure points connecting individual customers to electricity and gas networks.
Will Price, who leads utilities and networks for EMEA at Macquarie Asset Management, described EAG as “long-term energy infrastructure,” spanning meters and those last-mile links. When the deal was announced, Macquarie said it anticipated financial close in 2026, pending regulatory sign-off and other closing steps. Macquarie
The CMA’s case page hints at a potentially cautious review process: it details Macquarie Asset Management’s stakes in Last Mile Infrastructure, National Gas, Cadent, and Southern Water. The regulator also points out Macquarie Group’s ties to Corona Energy, Matrix Networks, and Stark via other parts of the business.
There’s a playbook, though no promise. The CMA gave the green light to Macquarie Asset Management’s proposed deal for joint control of Last Mile Infrastructure back in September 2024, following a Phase 1 probe that included a look at Ofgem’s capacity to benchmark energy network firms.
Macquarie’s fresh earnings numbers opened up new possibilities for the group. The commodities and global markets arm, long its main profit engine, delivered A$4.221 billion—up a striking 49%. Macquarie Capital climbed 43%. Asset Management managed a 27% increase.
Macquarie CEO Shemara Wikramanayake credited the firm’s specialist capabilities for “navigating the current environment.” The group’s full-year numbers came in ahead of the Visible Alpha consensus, Reuters noted, as heightened Middle East unrest fed into stronger oil and gas trading volumes. Macquarie
Macquarie shares ended Friday at A$242.96, slipping 0.64% on the session. Still, the stock has rallied 19.57% since Jan. 1, according to MarketScreener data. Investors have already pushed the price higher.
Plenty of competition on the field. This week, Reuters said BlackRock’s Global Infrastructure Partners joined forces with Temasek and heavyweight Abu Dhabi investors, eyeing $30 billion in infrastructure plays. Meanwhile, Eni is looking at a setup that could draw in Apollo, KKR, and Stonepeak for its LNG assets.
The risk isn’t limited to a potential CMA block. Delays could come if regulators demand more data, extend the review, or attach ownership strings—any of which could push back the timeline Macquarie had pegged for this year’s close. Utility assets are prized for reliable cash flows, but scrutiny ramps up when ownership, customer billing, and network spending are tangled together.
Next up is May 29—comments close that day. From there, Macquarie’s UK energy ambitions shift from being just an announcement to facing the regulators.
