Iberdrola has agreed to sell its U.K. smart metering business, SP Smart Meter Assets Limited (SPSMAL), to Macquarie for approximately GBP900 million (EUR1.06 billion). This transaction, overseen by David Mesonero, Iberdrola’s global head of M&A, involves the management of 2.7 million meters in the U.K.
Smart meters play a significant role in supporting the U.K.’s ambition to achieve net zero emissions by 2050. They are crucial infrastructure components in the transition towards a decarbonized and digitized energy system. The completion of this sale is contingent upon approval from the U.K.’s Competition and Markets Authority and is anticipated to finalize in the third quarter of 2025.
The deal was a collaborative effort involving multiple teams specializing in corporate law, energy resources, antitrust regulations, taxation, employment, and pensions. This marks A&O Shearman’s second transaction within the U.K. smart metering sector in less than a year. Previously, they advised Arcus Infrastructure Partners on the GBP1.36 billion sale of Horizon and SMA smart metering businesses to KKR.
Iberdrola’s advisory team was led by M&A partner Edward Holmes with contributions from Iñigo del Val and Alex Chenery. Additional support came from associates Laura Green and Richard Quarshie as well as trainee Alistair Wright. Specialist advice was provided by partners David Weaver, Sarah Henchoz, Andy Cork, Nigel Parker, Tim Harrop; counsel Jess Bowring; and associates Holly Adams, Zara Khanche, Suzanne Norman, Greta Morand, Sam Dent, Daniel Ruben, and Andrei Calmatui.
