Several shareholders in Warrington-based Electricity North West (ENWL) are exploring a potential sale of their stakes in the network operator, according to a Reuters report.

A sale of stakes in ENWL could value the company between around £3.5 billion and £4 billion, including debt of £1.8 billion as of March 2023.

Electricity North West is owned by a consortium of investors led by Japan’s Kansai Electric Power Co. (Kepco) and investment fund Equitix, which both own 40% stakes, according to the company’s annual report.

Investment bank Jefferies has been hired to sound out buyers for the business.

ENWL, Kepco, Equitix and Jefferies declined to comment.

Electricity North West delivers electricity to roughly five million customers across 2.4 million premises in northwest England, and employs more than 2,000 staff.