Macquarie Group's stock soared 5.01% during intraday trading on Wednesday, marking a significant upward movement for the financial services company.

The surge follows the company's announcement that Macquarie Specialised and Asset Finance, part of its Commodities and Global Markets business, has signed an agreement to sell its Meter Asset Provider (MAP) platform, OnStream, to Igneo Infrastructure Partners. The transaction comprises a portfolio of more than seven million later-generation smart meters operating across the UK and Germany.

Upon completion, Igneo's Strategies will assume full control of OnStream and its core operations, including its origination capabilities and contracted order book. Following the sale, Macquarie will continue to own approximately six million traditional and earlier generation smart meters in the UK.