ScottishPower Smart Meter Assets’ parent company, Spanish energy company Iberdrola, has agreed to sell the smart metering subsidiary to Australian financial services group Macquarie for approximately €1.06 billion (£900 million).

The deal, subject to approval by the UK’s Competition and Markets Authority, is expected to close in the third quarter of 2025.

Established in 2017 ScottishPower Smart Meter Assets oversees around 2.7 million smart meters across Great Britain.

The deal follows Iberdrola’s recent acquisition of an 88% stake in Electricity North West (ENW) for approximately €5 billion, making Iberdrola the second-largest electricity network operator in the UK.

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The company now delivers electricity to around 12 million people across a network spanning more than 170,000 kilometers.

Iberdrola’s strategic focus on network expansion and renewable energy aligns with the UK’s goals for electrification and decarbonisation. Since acquiring ScottishPower in 2007, Iberdrola has invested around £30 billion in the UK, according to the company.