Macquarie Asset Management (MAM) announced last week that it has entered into a binding agreement to buy an additional 50 percent stake in UK fiber and multi-utility provider Last Mile Infrastructure from Infracapital, the infrastructure private equity investment arm of M&G.

The acquisition will see MAM take a 100 percent ownership stake in the company.

Financial terms of the agreement were not disclosed.

Last Mile Infrastructure was founded in Scotland in 2002. The company installs, owns, and operates last-mile utility connections across the UK, and is supporting the government’s target to build 1.5 million new homes by 2029, plus connections for industrial and commercial properties.

Infracapital has been an investor in Last Mile Infrastructure since 2018, while MAM took its initial 50 percent stake in Last Mile Infrastructure back in 2023.

Since then, Last Mile Infrastructure has invested to increase the number of connections it owns and operates across the UK from 675,000 to 930,000.

“Funds managed by Macquarie Asset Management acquired a 50 percent 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,” said Will Price, head of utilities and networks in EMEA for Macquarie Asset Management.

“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, added: “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.”

The transaction is expected to close in 2026.