Global law firm Freshfields is advising Igneo Infrastructure Partners (‘Igneo’), a leading global infrastructure investment manager on its acquisition of OnStream, the second largest smart meter asset provider in the UK, from Macquarie Specialised and Asset Finance, part of Macquarie Group’s Commodities and Global Markets.

OnStream holds an installed portfolio of approximately seven million smart meters and a contracted pipeline of a further three million meters. Alongside its core UK market, OnStream also operates around 60,000 meters in Germany and has strong expansion plans supported by both existing and new customer contracts. The portfolio provides Igneo with a scalable platform of modern SMETS2 smart meters, aligning with its investment focus on sustainable, resilient infrastructure assets and the increasing digitalisation of the UK energy system.

The acquisition will be financed through a combination of commitments from the European and Global strategies as well as acquisition debt facilities.

Commenting on the transaction, Freshfields’ Global Co-Head of Energy and Real Assets, Jessamy Gallagher, said: “We are delighted to advise and collaborate with Igneo on its acquisition of OnStream as it continues to drive forward its strategy to invest in high-quality, resilient, and critical infrastructure assets”.

A cross-border, cross-practice Freshfields team advising on the transaction is being led by partner Jessamy Gallagher, senior associate Tara Gazzard, and associate Kat Wade. Finance advice was provided by partner Stuart Rowson, senior associate Jessica O’Sullivan, and associate Georgina Baker. Partner Giles Pratt and counsel Tony Gregory, as well as senior associates Maxwell Smith and associates Emmanuel Bandoh and Emily Parker advised on IP matters. Employment and pensions advice was provided by partners David Mendel and Dawn Heath, senior associate Lucy Caruthers and associate Sohail Khan. Tax advice was provided by partner Jill Gatehouse, counsel Chris Gotch and associate Brandon Spears. Antitrust, competition and trade advice was provided by partners Rikki Haria and Ulrich Scholz and senior associates Susannah Prichard, Anup Nandra and associate Pascal Schoenemann. Real estate advice was provided by partner Alexander Watt and associate Murad Cholak. ESG advice was provided by partners Doug Bryden, senior associate Charlotte Aspin and associates Ben Collins and Emily Strand. Partner Natascha Doll and associate Aleksander Atanasov advised on German law matters.