Igneo Infrastructure Partners is acquiring OnStream, a UK-based provider of smart meter assets, from Macquarie’s commodities and global markets business.
Igneo, investing through its third European infrastructure strategy and its global infrastructure strategy, has agreed to acquire OnStream from Macquarie Specialised and Asset Finance.
The acquisition will be financed through a combination of commitments from the European and global strategies as well as acquisition debt facilities. Financial details were undisclosed.
OnStream is the UK’s second-largest smart meter asset provider, managing an installed portfolio of approximately seven million meters and a contracted pipeline for an additional three million. In addition to its primary UK operations, the company manages roughly 60,000 meters in Germany.
Niall Mills, managing partner and global head of Igneo Infrastructure Partners, said: “The acquisition of OnStream advances our strategy to invest in high-quality, resilient, and critical infrastructure assets with compelling growth opportunities. Smart metering is a key enabler of the UK’s energy transition, empowering utilities and consumers with real-time data that improves efficiency, reliability and sustainability.
“The acquisition of OnStream offers our investors access to a well-established platform with strong operational capabilities and we look forward to partnering with the team at Onstream.”
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