The Competition and Markets Authority (CMA) is currently assessing legally binding undertakings offered by Macquarie to resolve competition issues identified during its phase 1 investigation of the merger with Energy Assets Group (EAG).

Macquarie announced its intention to purchase EAG in February 2026. Both companies are significant players in the gas metering services market in Great Britain, which includes the installation and maintenance of meters and the collection of consumption data.

Following its phase 1 investigation, the CMA determined that the merger would significantly increase market concentration, as EAG is the largest supplier in this sector. The only other notable competitors are Stark and SMS, with Macquarie holding a minority interest in Stark.

To alleviate the CMA's concerns, Macquarie proposed to sell EAG's non-domestic, non-smart gas metering services business to a buyer who can sustain it as a competitive entity in the market.

The CMA has indicated that the proposed remedies could potentially address its competition concerns and will conduct a detailed evaluation over the next 40 working days, including gathering feedback from third parties and considering potential buyers. If the CMA finds the remedies satisfactory, it will conditionally clear the merger; otherwise, it may refer the case for a Phase 2 investigation.

Sorcha O’Caroll, Senior Director at the CMA, expressed optimism about Macquarie's proposals, emphasizing the importance of ensuring that EAG's business can compete effectively post-sale.