Macquarie Asset Management to Acquire Additional Stake in Last Mile Infrastructure

By Global Infrastructure Sherpa · Feb 9, 2026

Acquisition Utility Connections announced United Kingdom

operating

Stage

Last Mile Infrastructure

Project

Macquarie Asset Management (MAM) has entered into a binding agreement to acquire an additional 50% stake in Last Mile Infrastructure from Infracapital, the infrastructure private equity investment arm of M&G. This acquisition will result in MAM-managed funds owning 100% of Last Mile Infrastructure. Last Mile Infrastructure 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. The company has grown significantly since Infracapital's initial investment in 2018, quadrupling its live connections base. The transaction is expected to reach financial close during 2026, following the satisfaction of customary closing conditions and regulatory approvals.

Deal Analysis

Macquarie Asset Management's (MAM) acquisition of the remaining 50% stake in Last Mile Infrastructure from Infracapital represents a strategic move to consolidate its position in the UK's last-mile utility connections market. This transaction will give MAM full ownership of Last Mile Infrastructure, a company that installs, owns, and operates essential utility connections for new homes. The deal underscores MAM's commitment to investing in infrastructure that supports the UK government's ambitious housing targets. The anticipated closing in 2026 suggests a complex transaction requiring significant regulatory scrutiny, reflecting the importance of the asset and the sector it operates in. The acquisition is notable due to the involvement of major players like Macquarie and Infracapital, highlighting the attractiveness of the UK's utility infrastructure sector to institutional investors. Last Mile Infrastructure's substantial growth since 2018, quadrupling its live connections base, further validates the investment opportunity. The deal's focus on supporting the construction of 1.5 million new homes by 2029 directly aligns with national infrastructure priorities, potentially offering stable, long-term returns for MAM.

Macquarie Asset Management acquires 100% ownership of Last Mile Infrastructure.
The deal involves prominent infrastructure investors: Macquarie and Infracapital.
Last Mile Infrastructure supports the UK government's target of building 1.5 million new homes.
The company has experienced significant growth since 2018, indicating a strong market position.

Market Context: The UK's utility connections market is driven by new housing developments and the need for reliable infrastructure. Government support for housing initiatives creates a stable environment for investment in this sector.