Solutions Proposed to Address Concerns in Non-Domestic Meter Reading Merger

The Competition and Markets Authority (CMA) is currently evaluating Macquarie’s proposal, which includes legally binding commitments to divest the non-domestic gas meter reading services business of Energy Assets Group (EAG). This assessment aims to address competition concerns raised during the authority’s initial investigation phase.

In February 2026, Macquarie announced its agreement to acquire EAG, with both companies operating in the gas metering sector in Great Britain. Their services encompass the installation and maintenance of gas meters, along with the collection of consumption data necessary for billing purposes.

CMA’s Findings on Market Concentration

Upon completing its phase 1 investigation, the CMA determined that the merger involving Macquarie-controlled National Gas Metering and EAG, which holds the position as the largest supplier of gas metering services, would significantly enhance concentration in an already saturated market. The combined entities would command a substantial market share, with Stark—where Macquarie holds a minority stake—and SMS serving as the only notable competitors in the sector.

The remedy proposed by Macquarie entails the sale of EAG’s non-domestic, non-smart gas metering services to a buyer approved by the CMA. This buyer would be expected to maintain the business as a competitive entity within the market.

Next Steps for the CMA

Having acknowledged that Macquarie’s proposals could potentially alleviate its competitive concerns, the CMA will now delve into a thorough examination over the coming 40 working days. This will include soliciting feedback from third parties and evaluating potential purchasers. Should the CMA find that the proposed undertakings satisfactorily address its issues, it will conditionally approve the merger. Conversely, the CMA retains the option to escalate the transaction to a more comprehensive phase 2 investigation if necessary.

Sorcha O’Caroll, Senior Director at the CMA, commented on the situation, stating, “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. We will consult on these proposals before making a final decision on whether to accept them.”

Further Information and Media Contact

Additional details regarding the merger inquiry involving Macquarie Asset Management and Energy Assets Group can be found on the relevant government case page.

It is important to note that the CMA is considering the undertakings put forth by Macquarie, which may be accepted in their current form or with modifications. A decision will be made following a consultation period. If accepted, these undertakings will become legally binding, allowing the CMA to clear the merger under the Enterprise Act 2002 without necessitating an in-depth phase 2 review.

For any media inquiries, please reach out to the CMA press office via email at press@cma.gov.uk or by phone at 020 3738 6460 during office hours, which are Monday to Friday from 9am to 5:30pm. For matters requiring urgent attention outside of these hours, please use the out-of-hours contact number at 020 3738 6878.