Asterion, Swiss Life AM and EDF Invest Sell Energy Assets Group to Macquarie AM

  • A consortium comprising Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers, has agreed to sell 100% of Energy Assets Group (EAG) to Macquarie Asset Management.
  • The transaction represents a full exit for all consortium shareholders and marks the fifth realised investment for Asterion Industrial Partners.
  • Since the consortium’s initial investment in 2020, EAG has undergone a significant transformation driven by operational improvements, bolt-on M&A and strategic capital investments.
  • The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals, including clearance from the UK Competition and Markets Authority.

Madrid, 5 February 2026. A consortium consisting of Asterion Industrial Partners (40%), together with EDF Invest (40%) and Swiss Life Asset Managers (20%), today announced that it has signed a definitive agreement to sell 100% of Energy Assets Group (EAG) to Macquarie Asset Management, a leading global asset manager.

Transaction closing is expected in Q3-2026, subject to customary regulatory approvals, including UK Competition and Markets Authority clearance.

 

Since the consortium’s initial investment in 2020, Energy Assets Group has delivered a strong performance, with EBITDA almost tripling, supported by cost optimization initiatives, accretive bolt-on M&A, targeted refinancings and sustained investment in the growth of the last-mile Networks business.

 

Guido Mitrani, Founding Partner of Asterion Industrial Partners, said:

“The value creation delivered at Energy Assets Group reflects a disciplined execution of our industrial strategy, combining operational excellence, selective bolt-on acquisitions, capital structure optimization and sustained investment to support scalable growth, supported by a strong and experienced management team. We believe the company is well positioned for its next phase of development.”

 

Founded and headquartered in Scotland in 2005, Energy Assets Group (EAG) employs approximately 600 people and operates offices across England, Scotland and Wales. The Group manages a portfolio of around 1.8 million advanced and smart meters and installs, owns and operates last-mile utility connections, primarily serving industrial and commercial customers.

 

EAG currently owns approximately 148,000 grid connections, supported by a contracted order book that includes investment commitments to develop new connections across the UK. Through these activities, EAG supports the UK Government’s growth objectives for new homes and businesses by facilitating access to a modern, resilient energy system.

 

Will Price, Head of Utilities and Networks in EMEA for Macquarie Asset Management, said: “EAG owns and operates long-term energy infrastructure across smart meters and last-mile utility connections. We look forward to supporting EAG as it continues to grow, facilitating the UK’s growth and energy transition agendas.”

 

This transaction represents the fifth exit from Asterion after Proxiserve, Nabiax, Asterion Energies and Sorgenia.

ABOUT EDF Invest

 

EDF Invest, the investment arm of EDF for non-listed Dedicated Assets, currently manages around €11bn of equity and is targeting a total of c.€15 bn in the coming years. EDF Dedicated Assets are designed to fund the decommissioning of EDF’s power plants in France. The mission of EDF is to diversify EDF Dedicated Assets portfolio by targeting three non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds. For more information, please visit www.edfinvest.com

ABOUT Swiss Life Asset Managers

 

Established in 2011, the Swiss Life Asset Managers Infrastructure Equity platform manages more than EUR 12 bn in Assets under Management for its clients and partners. The team consists of over 70 investment specialists with an average of 20 years’ industry experience across the senior-level members. The platform has made over 80 infrastructure investments in private markets, across 15 solutions, in both direct and indirect opportunities across the energy, communications, transportation, regulated utilities, social infrastructure and renewable energy sectors.