European utility Engie SA (ENXTPA:ENGI) is set to join Iberdrola, S.A. (BME:IBE) and a group of investors in preparing bids for British power network Electricity North West Limited (ENWL) in the coming weeks, people with knowledge of the matter said. Besides the two utilities, among the investment and infrastructure firms working on potential offers are Canadian investor Caisse de dépôt et placement du Québec (CDPQ) and a consortium of private equity firm KKR & Co. Inc. (NYSE:KKR) with Dutch pension fund APG Algemene Pensioen Groep N.V., two of the sources said.

Jefferies, which is advising ENWL's shareholders on the sale, has requested the interested parties to submit indications of interest in the first weeks of May, two other sources said. The four sources spoke on condition of anonymity. ENWL, Kepco, Jefferies, Equitix, Iberdrola, Engie, KKR, APG, CDPQ declined to comment.

Other bidders could line-up offers before the deadline, the sources added. A deal could value 100% of ENWL at around EUR 4 billion, two of the sources said. ENWL delivers electricity to some five million customers in Manchester, Lancashire and Cumbria.

ENWL is owned by a consortium led by Japan's The Kansai Electric Power Company, Incorporated (TSE:9503) (Kepco) and investment fund Equitix (Equitix Investment Management Limited), which both own 40% stakes, the company's annual report shows. Australian infrastructure manager Macquarie, which has studied the asset in the past, is unlikely to pursue it, a fifth person close to the process said. A Macquarie spokesperson declined to comment.