Macquarie Group has announced the sale of its UK/German smart meter business, OnStream, to Igneo Infrastructure Partners. The deal, revealed on Wednesday, is anticipated to close before March 31, potentially allowing Macquarie to include the proceeds in its FY26 profit. Macquarie Group is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Igneo Infrastructure Partners is an autonomous investment manager with a long-term approach to infrastructure investment.
JPMorgan analyst Andrew Triggs noted the speed of the transaction, suggesting Macquarie may be able to book a gain almost immediately, a departure from the typical months-long timeline for such deals. The gain from the OnStream sale will directly benefit Macquarie Group, unlike asset management deals where the benefit is primarily from performance fees. OnStream was previously owned by Macquarie Specialised and Asset Finance, a division of Macquarie’s commodities and global markets business. Macquarie will retain 6 million traditional and earlier-generation smart meters in the UK as part of the sale.
Analysts anticipate Macquarie to report a $4.2 billion profit for FY26, according to Visible Alpha consensus numbers. The OnStream news had little immediate impact on these consensus figures. The sale highlights the strategic options available to Macquarie. Macquarie did not disclose the transaction price, its completion date or any outstanding conditions.
This transaction follows Macquarie’s recent $US7 billion deal to sell its aircraft leasing business, Macquarie Air Finance. That deal is not expected to complete until next financial year. Macquarie shares experienced a 5 per cent jump on Wednesday, which fund managers attributed to a broader market relief rally rather than the OnStream sale specifically.
