Repsol has confirmed that a private equity player is among “various investors” that have shown an interest in taking the Spanish’ majors stake in Gas Natural SDG.

The company stopped short, however, of saying it is actively discussing the sale of its 20% stake in the Spanish utility, as has been reported in various media outlets.

Reports suggest Repsol is speaking with London-based CVC Capital Partners about the sale, which could be worth €4.1 billion ($4.92 billion).

Following a request for clarification from Spain’s securities market regulator, Comision Nacional de Mercado de Valores, Repsol said in a statement: “Although we do not have as policy commenting on untested news that may appear in the media, given the aforementioned request, we announce that within the 2016-2020 strategic plan, and as part of its permanent and dynamic business portfolio management, Repsol analyses different alternatives including those relating to its participation in Gas Natural SDG.

“In this regard, various investors, including CVC, have communicated to Repsol their interest in exploring the possibilities of its divesting its 20% stake in Gas Natural SDG

Repsol eyes Gas Natural stake sale

“In relation to this expression of interest in the preliminary phase, there is no signed contract, nor has legal or financial advice been retained, nor has any decision been taken by the board of directors.”

In September 2016 Repsol and Criteria Caixa agreed to each sell a 10% stake in Gas Natural to US fund Global Infrastructure Partners (GIP) in a deal worth a combined €3.8 billion ($4.27 billion at the time).

That sale left Repsol with 20% and Criteria with 24%.