Iberdrola to Sell UK Smart Meter Business to Macquarie in £900 Million Deal

Iberdrola has signed an agreement with Macquarie, the global financial services group headquartered in Australia, for the sale of 100% of its UK-based subsidiary, SP Smart Meter Assets Limited (SPSMAL).

The transaction values SPSMAL at approximately £900 million (around €1.06 billion at current exchange rates) and is expected to close in the third quarter of 2025, pending approval from the UK Competition and Markets Authority.

SPSMAL currently manages 2.7 million meters across the UK. The acquisition will further strengthen Macquarie’s position as one of the country’s leading independent meter providers. Macquarie’s meter business, established in 2003, oversees more than 10 million meters—including 7.5 million smart meters—and has invested over £1.5 billion to support the UK’s Smart Meter Rollout Programme.

As of the end of 2024, more than 38 million smart meters had been installed in homes and small businesses across Britain under Ofgem’s regulatory initiative.

This divestment is aligned with Iberdrola’s asset rotation strategy under its 2024–2026 Strategic Plan. The company has now surpassed €10 billion in alliances and divestments, with this deal representing Iberdrola’s second-largest divestment to date—following the sale of its combined-cycle gas plants in Mexico in 2024.