Shareholders in British power distribution company Electricity North West Limited (ENWL) are exploring a potential sale of their stakes in the network operator, according to three people familiar with the matter. The power network operator is owned by a consortium of investors led by Japan's The Kansai Electric Power Company, Incorporated (TSE:9503) (Kepco) and investment fund Equitix Investment Management Limited, which both own 40% stakes, according to the company's annual report. Several shareholders are looking to sell their stakes, including Equitix, the people said.

Investment bank Jefferies has been tasked with sounding out buyers for the business, the people said, speaking on condition of anonymity. The process is still in its early stages, two of the people said. ENWL, Kepco, Equitix and Jefferies declined to comment.

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