Macquarie Take Control of UK Fibre and Multi-Utility Provider Last Mile Infrastructure

Australian investment group Macquarie Asset Management has acquired Infracapital’s 50% stake in the Last Mile Infrastructure Group, which gives it 100% control of the multi-utility infrastructure group that designs, builds, owns and manages more than 930,000 “connections” across Great Britain (including electricity, gas, water, wastewater and fibre optic broadband etc.).

The company, which was originally founded in Scotland in 2002 (currently registered in Gloucestershire, England) and employs 800 people, typically installs, owns and operates last-mile utility connections across the UK, supporting the Government’s target to build 1.5 million new homes by 2029, as well as connections for industrial and commercial properties.

Last Mile Infrastructure was previously controlled by infrastructure investment firm Infracapital (part of M&G Plc), which lasted until December 2023 when they formed a partnership with Macquarie through the sale of a 50% stake. Since then, the jointly controlled company has invested to increase the number of connections it owns and operates across the UK from 675,000 to 930,000.

The latest transaction, which was advised by Linklaters, is being seen as part of Macquarie’s ongoing efforts to invest in critical UK infrastructure (except in Hull, where they seem to be looking for an exit from KCOM).

Will Price, Head of Utilities and Networks in EMEA for Macquarie (MAM), said:

“Funds managed by Macquarie Asset Management acquired a 50 per cent stake in Last Mile Infrastructure in 2024, attracted by its proven capability to build and operate essential infrastructure relied upon daily by almost one million households and businesses, as well as the thematic tailwinds of demographics and electrification. Under our joint ownership, Last Mile Infrastructure has continued to mature, expanding its portfolio of operating assets and investing in its platform to support sustained future growth.”

Mark Chladek, Deputy CIO at Infracapital, said:

“Since Infracapital first invested in 2018, Last Mile has grown from a regional electricity and gas connections provider into a UK-wide multi-utility business, quadrupling its live connections base. We are proud of the progress achieved both under our ownership and in partnership with MAM, leaving Last Mile well positioned for its next phase and marking another successful investment in the energy transition, an area where we have been creating value for more than two decades.”

The transaction is expected to reach financial close sometime during 2026, following the satisfaction of customary closing conditions and regulatory approvals.