Iberdrola sells UK metering provider SP Dataserve to IMServ

Iberdrola, through its UK subsidiary ScottishPower, has signed an agreement to sell SP Dataserve, a company providing commercial metering services to non-domestic customers in the UK, to IMServ.

According to the utility giant, by the end of 2025, SP Dataserve was providing 36,800 services to around 22,000 non-domestic customers across the UK.

IMServ, a UK-based metering and energy services company, is wholly owned by Bluewater, a specialist private equity firm with investments across the energy value chain.

Iberdrola called Dataserve a non-core subsidiary and its sale forms part of the company’s active portfolio management strategy, which focuses on strengthening its core businesses and optimising capital allocation.

IMServ's capability boost

For IMServ, the acquisition strengthens its capabilities in metering and data services and expands its presence in Scotland and the north of the UK. The combined business will enhance IMSERV’s ability to support energy suppliers, large industrial and commercial customers, and complex energy data requirements at scale.

Jo Cox, Chief Executive Officer of IMSERV, commented: “This is about building a stronger, broader IMSERV, not changing what already works. SP Dataserve is a business with real expertise and a strong reputation, and that’s exactly why we wanted them to be part of IMSERV.

“For customers, it’s very much business as usual. The same services, the same people and the same focus on accuracy and reliability, just with greater capability behind the scenes.”

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Over the coming months, SP Dataserve will be integrated into IMSERV in a planned and phased way. Once complete, the business will operate as IMSERV Scotland, maintaining its regional expertise while benefiting from the scale and capability of the wider group.

Martin Somerville, Partner at Bluewater, IMSERV’s backers, said: “IMSERV is uniquely positioned as the market leader in provision of mission-critical metering and data intelligence services to the UK energy sector. 

"Bluewater is delighted to support Jo and her management team in this transformational acquisition of SP Dataserve, which brings blue-chip relationships, technical expertise and a leading presence in the Scottish market.”

Cox said: “This market is changing quickly, and our role is to help customers navigate that complexity.

“By bringing together the expertise of both organisations, we’re better equipped to solve the real, practical challenges our customers face every day.” The transaction closing is subject to customary conditions in this type of transactions."

Iberdrola's asset strategy

The sale involves the divestment of a non-strategic business within ScottishPower and follows the transfer of the UK smart meter business to Macquarie in 2025, which further simplifies the Group’s business profile in the UK.

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The UK represents Iberdrola’s main investment destination, where the Group plans to invest €20 billion ($23.1 billion) by 2028 as part of its strategic plan. 

Most of this investment will be dedicated to the development and modernisation of electrical networks, a key area for the company. Following the approval of the new tariff framework for electricity transmission, the company says they intend to further quadruple the amount allocated to this business.

The transaction just signed is in addition to others completed by Iberdrola so far this year: the acquisition of the Ararat wind farm in Australia, the sale of its onshore generation business in France, the sale of small-scale hydroelectric assets and the sludge treatment business in Spain, the sale of its assets in Hungary and the addition of 650MW of solar power to the joint venture with Norges.

The transaction closing is subject to customary conditions in this type of transaction, such as regulatory review.