The transaction is currently awaiting approval from the UK’s competition authority and is anticipated to be finalised in the third quarter of 2025.

SP Smart Meter Assets is responsible for managing 2.7 million meters in the UK. Macquarie is already a significant presence in the UK’s independent electricity meter market. Established in 2003, Macquarie’s existing meter business oversees a total of more than 10 million meters across Great Britain, which includes 7.5 million smart meters and 2.5 million traditional meters. The company has already invested over £1.5 billion to support the UK’s nationwide smart meter rollout.

As part of the acquisition, Macquarie’s specialised and asset finance division will forge a long-term rental agreement with ScottishPower. This will ensure the continued provision of smart meter services and facilitate further deployment of these devices throughout the country.

Julian Liddy, senior managing director, Macquarie Specialised and Asset Finance, said: “Having played an active role in the roll out of more than 7.5 million smart meters to British households and businesses, this transaction provides an opportunity for us to add further scale and continue to drive progress towards UK government targets and bring benefits to British electricity and gas consumers.

“We are pleased to be taking ownership of a business with a track record of strong performance under the management of Scottish Power and look forward to supporting its further growth.”