Sydney, May 16, 2026, 02:06 AEST
Macquarie Group Ltd’s planned purchase of Energy Assets Group has moved into UK competition scrutiny, with Britain’s Competition and Markets Authority seeking views on the deal until May 29. The CMA said the case is open but has not yet launched a formal Phase 1 investigation.
It matters now because Macquarie is coming off a much stronger profit year and is still trying to put capital into private infrastructure, a business where regulatory clearance can shape returns as much as deal price. Macquarie reported full-year net profit of A$4.847 billion, up 30%, with its asset management arm also lifting profit contribution.
The deal is not just another bolt-on. Macquarie Asset Management says it manages about A$722.1 billion globally, and UK utilities remain one of the group’s more visible long-term infrastructure lanes.
Macquarie Asset Management said in February its managed funds had agreed to buy 100% of Energy Assets Group from Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers. Energy Assets Group manages 1.8 million advanced and smart meters and owns 148,000 grid connections, the local utility links that connect customers to power and gas networks.
Will Price, head of utilities and networks in EMEA for Macquarie Asset Management, called EAG “long-term energy infrastructure” across meters and last-mile connections. Macquarie said at the time that the deal was expected to reach financial close in 2026 after closing conditions and regulatory approvals. Macquarie
The CMA’s case page shows why the review could take some care. It listed Macquarie Asset Management investments in Last Mile Infrastructure, National Gas, Cadent and Southern Water, and also noted Macquarie Group links to Corona Energy, Matrix Networks and Stark through other divisions.
There is a precedent, but not a guarantee. The CMA cleared Macquarie Asset Management’s planned purchase of a jointly controlling interest in Last Mile Infrastructure in September 2024 after a Phase 1 review that also looked at Ofgem’s ability to compare energy network businesses.
Macquarie’s latest earnings gave the group more room to move. Its commodities and global markets division, the largest profit contributor, generated A$4.221 billion, up 49%, while Macquarie Capital rose 43% and Macquarie Asset Management rose 27%.
Chief Executive Shemara Wikramanayake said Macquarie’s businesses had used their specialist expertise in “navigating the current environment.” Reuters reported that the full-year result beat a Visible Alpha consensus estimate and that Middle East turmoil helped lift oil and gas trading activity. Macquarie
Investors have already marked up the stock. Macquarie shares closed Friday at A$242.96, down 0.64% on the day but up 19.57% since Jan. 1, MarketScreener data showed.
The competitive backdrop is busy. Reuters reported this week that BlackRock’s Global Infrastructure Partners teamed with Temasek and Abu Dhabi backers to target $30 billion in infrastructure deals, while Eni explored a structure that could bring in funds including Apollo, KKR and Stonepeak for LNG assets.
But the risk is not only that the CMA blocks the transaction. A longer review, extra information requests or conditions on ownership could still slow a deal Macquarie expected to close this year. Utility assets bring steady cash flows, but they also draw attention when market power, customer charges and energy-network investment sit in the same file.
For now, the next date is simple: May 29, when comments close. After that, Macquarie’s UK energy push moves from announcement to regulatory test.
