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Sunday, 27 September 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

All M&A Capital Markets Banking & Finance Energy & Tech Regulation Disputes

Top Story/M&A

CMA finds Macquarie's acquisition of Energy Assets Group may substantially lessen competition, threatens Phase 2 unless undertakings offered by 2 October

On 25 September 2026, the Competition and Markets Authority (CMA) issued its Phase 1 decision on Macquarie Asset Management's anticipated acquisition of Energy Assets Group (EAG), finding that the deal may be expected to result in a substantial lessening of competition in one or more UK markets. The parties have until 2 October 2026 to offer undertakings acceptable to the CMA; if none are forthcoming, the deal will be referred for a full Phase 2 investigation. The CMA separately decided not to refer the transaction under the special energy network merger provisions of the Enterprise Act 2002, concluding that the deal does not substantially prejudice Ofgem's ability to make comparisons between energy network enterprises when carrying out its statutory functions under the Gas Act 1986 or Electricity Act 1989. EAG provides electricity and gas metering services, data services, and independent installation and adoption services for last-mile utility connections. Macquarie Asset Management already holds significant UK utility interests, including stakes in Last Mile Infrastructure, National Gas, Cadent, and Southern Water, through various arms of the wider Macquarie Group. The formal merger inquiry was launched on 29 July 2026, following an invitation-to-comment period opened on 15 May 2026. The CMA's full Phase 1 decision text was expected to be published shortly after the announcement.

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K&L Gates

“Liu limited disgorgement to actual profits, joint-and-several liability stretches that into a penalty.”

Disputes

Victoria's Secret and Thomas Pink Secure Fast-Tracked High Court Trial Over Whether Victoria's Secret Breached 'PINK' Coexistence Deal by Suing in the US

Victoria's Secret and Thomas Pink, a London-based shirtmaker, have jointly secured a fast-tracked trial in the High Court in London, scheduled for October, to resolve whether Vi…

“Courts will accelerate IP trials when a prior settlement is itself in dispute.”

Bigger Picture

Sector Watch

UK Utility M&A Under Regulatory Siege

The CMA's Phase 1 referral threat on Macquarie's Energy Assets Group acquisition is the latest signal that infrastructure funds accumulating UK regulated utility assets face a qualitatively different competition risk profile than traditional industrial M&A. The regulator's dual-track analysis, covering both ordinary competition concerns and the special energy network merger test under the Enterprise Act 2002, shows the breadth of scrutiny Ofgem and the CMA are willing to apply to deals that could reduce the benchmarking comparators on which network regulation depends. With Macquarie already holding stakes in Last Mile Infrastructure, National Gas, Cadent, and Southern Water across various group divisions, this decision will force infrastructure funds to model portfolio concentration risk against Ofgem's comparative methodology before the bid stage. Expect deal teams and regulatory counsel to be busy in the 2 October undertakings window.

One to Follow

Monzo's reported early-stage sale talks with Nu Holdings and the FCA change-of-control process that would follow if a deal progresses

Any acquisition of a UK-authorised deposit-taker by a foreign group requires FCA controller approval, a process that can take months and involve detailed scrutiny of the acquirer's financial soundness and fitness, making it the critical path item in any Monzo deal. Banking and financial regulation practices at City firms will be the first port of call if talks mature, and the outcome will also be read as a litmus test for London's ability to retain its most valuable fintech assets through a public listing rather than a trade sale.

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