The Competition and Markets Authority is considering a proposed remedy in the planned acquisition of Energy Assets Group by Macquarie-controlled National Gas Metering, after finding that the deal could materially increase concentration in a market already served by few providers.
The proposal on the table is narrow but commercially significant. Macquarie has offered legally binding undertakings to sell Energy Assets Group’s business that provides meter-reading services to commercial customers with traditional and advanced, rather than smart, gas meters. The sale would be to a purchaser approved by the regulator and intended to preserve the business as a viable competitor.
The transaction was announced in February 2026. Both the acquirer’s National Gas Metering business and Energy Assets Group operate in Great Britain’s gas-metering market, where providers install and maintain meters and collect consumption data used for billing. Energy Assets Group is currently the largest supplier of the affected services, according to the regulator.
Following its Phase 1 investigation, the authority concluded that bringing the two businesses together would create a very high combined share in the relevant area. It also noted that the remaining main competitors are Stark, in which Macquarie retains a minority interest, and SMS. That finding is the reason the parties are now discussing a divestment rather than proceeding without conditions.
The development should not be read as a completed sale of the meter-reading operation, or as final clearance of the wider acquisition. The authority said the proposed undertakings could in principle address its concerns. It will now assess the package in greater detail over the next 40 working days, seek third-party views and consider potential buyers.
Several outcomes remain possible. If the commitments are accepted, they will become legally binding and the deal can be conditionally cleared without a full Phase 2 reference. If the authority is not satisfied that the remedy will preserve effective competition, it can still refer the transaction for a more detailed investigation. The announcement does not name a buyer for the divested business or give a sale price.
For commercial customers using non-smart meters, the case matters because meter-reading is part of the practical chain that turns gas consumption into bills. The regulator’s focus is on retaining a competitor able to carry out that service after the wider ownership change. It is not a finding that customers have already suffered harm, nor a direction to change supplier or metering arrangements.
The decision is also a reminder that a remedy can reshape a transaction without stopping it altogether. Divestments are designed to remove the portion of a deal that creates the competition concern, but their effectiveness depends on the asset package, the eventual purchaser and whether the buyer can compete independently. Those questions are now central to the authority’s next review.
Businesses involved in the market have an opportunity to comment during the consultation stage. The regulator will need to judge not only whether the service package is sufficiently separate, but also whether an approved purchaser has the capability and incentive to operate it effectively. That assessment is why the proposed sale remains conditional at this stage.
Until the review ends, the proposed undertaking is precisely that: an offer under consideration, rather than a final regulatory settlement. The new development is the regulator’s decision to examine the remedy in detail, not a conclusion that the acquisition may proceed unchanged.
