Iberdrola to sell U.K. smart metering business to Macquarie for GBP900 million

According to the terms of the transaction, led by David Mesonero, global head of M&A at Iberdrola, the valuation of SP Smart Meter Assets Limited (SPSMAL) amounts to approximately GBP900m (EUR1.06m). SPSMAL currently manages 2.7 million meters in the U.K. Smart meters are a key enabler of the U.K.’s net zero 2050 ambitions, providing critical infrastructure to support the transition to a decarbonized and digitized energy system.  The transaction is subject to approval by the U.K.’s Competition and Markets Authority and is expected to complete in the third quarter of 2025.

The transaction represented a cross-practice effort drawing on the expertise, amongst others, of the corporate, ENRI, antitrust, tax, employment and pensions teams. This is A&O Shearman’s second deal in the U.K. smart metering sector in under a year and follows the firm’s recent work advising Arcus Infrastructure Partners in relation to the GBP1.36 billion disposal of the Horizon and SMA smart metering businesses to KKR.

The team advising Iberdrola was led by M&A partner Edward Holmes, with support from Iñigo del Val and Alex Chenery, associates Laura Green and Richard Quarshie, and trainee Alistair Wright. Specialist support was provided by partners David Weaver, Sarah Henchoz, Andy Cork, Nigel Parker, and Tim Harrop, counsel Jess Bowring, and associates Holly Adams, Zara Khanche, Suzanne Norman, Greta Morand, Sam Dent, Daniel Ruben, and Andrei Calmatui.