Macquarie Asset Management acquires Last Mile Infrastructure (Holdings) Limited (2024)

Deal facts

Buyer: Macquarie Asset Management
Target: Last Mile Infrastructure (Holdings) Limited
Deal value: Not disclosed
Announced: 19 July 2024
Status: In review
Sector: Energy
Country: United Kingdom
Consideration: Not stated

Sources

UK_CMA_GOVUK

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Deal timeline

1 update

19 Jul 2024CMA Phase 1 launched
Macquarie Asset Management / Last Mile Infrastructure merger inquiry
The CMA is investigating the anticipated acquisition by Macquarie Asset Management of a jointly controlling interest in Last Mile Infrastructure (Holdings) Limited. Statutory timetable Phase 1 Action 10 October 2024 Decisions published 16 September 2024 Decisions announced 19 July 2024 Launch of merger inquiry 19 July 2024 to 2 August 2024 Invitation to
UK CMA

OpinionExit Mode editorial

We see a clear signal in the strategic acquisition of Last Mile Infrastructure (Holdings) Limited by Macquarie Asset Management. This deal, announced on 19 July 2024, brings an Australian global investor into the UK energy sector with a specific focus on the final stretch of infrastructure delivery. The target operates in a critical niche where reliability and scale determine success. For the SME founder in the energy space, this move underscores that global capital is actively seeking established, operational assets rather than speculative ventures. The fact that the transaction is currently in review highlights the heightened scrutiny applied to cross-border deals involving critical national infrastructure.

The mechanics of this deal will likely trigger a rigorous CMA review given the foreign ownership of a UK energy asset. Macquarie, as a major global player, must navigate change-of-control covenants and potential anti-trust thresholds that could delay completion. We note that no valuation was disclosed, which is common for private infrastructure deals but leaves the market to infer the premium placed on secure, cash-generative assets. The regulatory context here is paramount. Any founder looking to exit must anticipate that a foreign buyer will face a more complex clearance process than a domestic acquirer. This does not mean the deal will fail, but it does mean the timeline will be extended and the conditions more stringent.

Our view is that this transaction validates the long-term value of UK energy infrastructure, yet it also raises the bar for due diligence. The buyer is not just purchasing assets but acquiring a licence to operate within a tightly regulated environment. For the SME founder, the lesson is to ensure your compliance framework is robust before engaging with international bidders. You must be prepared to demonstrate that your business model can withstand a deep dive into regulatory adherence and operational resilience. The CMA will not be swayed by growth projections alone; they will look for tangible evidence of market stability and consumer protection.

Do not wait until you have a signed term sheet to address regulatory gaps. This week, review your change-of-control covenants and map out any potential competition issues that a foreign acquirer might flag with the CMA.

Editorial opinion. Not financial or legal advice.

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