Macquarie Group's (ASX:MQG) specialized and asset finance division will buy Spain-based renewable energy company Iberdrola's UK smart meter business, SP Smart Meters Asset, for 900 million pounds sterling, according to a May 9 statement by the company.
The deal adds 2.7 million meters to Macquarie's UK portfolio and is expected to close in the third quarter of the year, subject to regulatory approvals, the company said.
The company will enter a long-term rental agreement with Iberdrola's Scottish Power unit to continue providing smart meter asset provision services, per the statement.
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