Linklaters advises Macquarie Asset Management on two significant UK infrastructure acquisitions

Linklaters has advised Macquarie Asset Management (MAM) on two significant UK infrastructure transactions that signed over the past few days, continuing the firm’s strong run of deal activity in the sector.

The firm advised MAM on:

• its follow-on acquisition of the remaining 50 per cent stake in Last Mile Infrastructure from Infracapital. This follows on from MAM’s initial 50 per cent acquisition on which the same Linklaters team also advised back in 2023. Last Mile Infrastructure (LMI) is one of the UK’s largest Independent Network Owners. LMI designs, builds, owns and manages last mile essential utilities infrastructure, supporting the Government’s target to build 1.5 million new homes by 2029, as well as connections for industrial and commercial properties.
• its acquisition of Energy Assets Group (EAG), a leading, nationwide, utilities infrastructure organisation that provides innovative metering and data services as well as future-proofed network construction and ownership solutions. MAM-managed funds have agreed to acquire 100 per cent of EAG from Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers. EAG manages a portfolio of 1.8 million advanced and smart meters and continues to invest to build new connections across the UK in support of government growth and energy transition targets.

The transactions underscore MAM’s continuing investment in critical UK infrastructure and its strategy of supporting the energy transition and modernisation of last mile networks.

Commenting on the transactions, Nicole Meyer, M&A partner and Macquarie relationship partner at Linklaters, said:
“We are pleased to support Macquarie Asset Management on these important acquisitions in the UK utilities and multi-utility space. Signing two complex transactions in parallel showcases both the depth of Macquarie’s commitment to the sector and the strength of our cross-practice infrastructure offering.”

The Linklaters team comprised a cross-practice deal team led by M&A Partners Nicole Meyer and Tom Ford, together with Antitrust & Foreign Investment Partners Bruce Kilpatrick and Verity Egerton-Doyle, Antitrust & Foreign Investment Counsel Helen Crossley, Corporate Managing Associate Cassandra Smith,  Antitrust & Foreign Investment Managing Associate Judy Zhao and Corporate Associate Robert Stutter.