Linklaters advises Macquarie on the sale of meter asset provider OnStream

Linklaters has advised Macquarie Specialised and Asset Finance (Macquarie) on the sale of its leading Meter Asset Provider (MAP) platform OnStream to Igneo Infrastructure Partners (Igneo).

OnStream is the second-largest smart meter asset provider in the UK comprising a portfolio of more than seven million later generation smart meters and operating across the UK and Germany. This includes the majority of the 2.7 million meters Macquarie acquired from Spanish energy utility, Iberdrola, in 2025 (on which Linklaters also advised) and a portfolio built by Macquarie, which first established its metering business in 2003. Since 2003, Macquarie has invested more than £2 billion in support of the nationwide rollout of smart meters across Great Britain. Smart meters give households and businesses real‑time insight into their energy use and enable energy suppliers to better manage demand and networks to operate efficiently, and are a critical part of the energy transition.

Upon completion, Igneo will assume full control of OnStream and its core operations, financing the provision and installation of smart meters for energy suppliers in Great Britain and for meter point operators in Germany.

The cross-border and cross-practice Linklaters team was led by M&A partner Nicole Meyer and managing associate Eleanor Keighley Elstub supported by, amongst others, partners Rich Jones(TMT), Aditi Srivastava (Structured Finance), Sam Lintonbon (Tax) and Nick Szmigin (Acquisition Finance).