Smart meter leader comes up for sale

Deal of the day

One of the companies at the cutting edge of the UK’s energy infrastructure technology is understood to be up for sale, following the decision of its private equity owner to realise its investment.

The specialist infrastructure investor Infracapital is understood to have hired Citigroup to help it find a buyer for Calvin Capital, the owner of Meter Fit. Meter Fit is one of two companies which dominate the supply of smart meters to the British gas and electricity utilities.

Meter Fit owns more than 4m installed meters in the UK and is expected to raise around £1bn for Infracapital. The British Government aspires to roll out smart meters across the whole of the UK’s approximately 26m households within the next five years, but the programme has recently been held up up by fears about security and the ability of hackers to infiltrate the systems.

It is not thought that any short list of potential buyers has yet been drawn up, and Infracapital declines to comment.

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