Iberdrola has entered into an agreement with Macquarie, the global financial services group based in Australia, for the sale of its entire UK subsidiary, SP Smart Meter Assets Limited (SPSMAL).
The transaction values SPSMAL at around £900 million (approximately €1.06 billion at current exchange rates) and is anticipated to finalize in the third quarter of 2025, subject to approval from the UK Competition and Markets Authority.
Currently, SPSMAL manages 2.7 million meters throughout the UK. This acquisition will enhance Macquarie’s status as one of the leading independent meter providers in the country. Established in 2003, Macquarie’s meter business 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.
By the end of 2024, over 38 million smart meters had been installed in homes and small businesses across Britain as part of Ofgem’s regulatory initiative.
This divestment aligns with Iberdrola’s asset rotation strategy outlined in its 2024–2026 Strategic Plan. The company has now exceeded €10 billion in alliances and divestments, with this transaction marking Iberdrola’s second-largest divestment to date, following the sale of its combined-cycle gas plants in Mexico in 2024.
Source: Iberdrola
