Italian utilities company Gruppo Iren is considering offloading a minority stake in its gas distribution business, IJGlobal has learnt.

Reggio-Emilia based Iren produces, distributes and sells electricity, gas, products and services for public bodies, companies and individuals – with activities split across 4 companies:

• Iren Energia
• Iren Mercato
• IRETI
• Iren Ambiente

Division IRETI manages the distribution of electricity, gas and water throughout the country.

According to a source, the enterprise value of the potential stake up for grabs is roughly €700 million ($728.5m).

Iren is a holding company founded in 2010 as a result of the merger between Enìa and Iride. It is engaged in various energy sectors in Italy:

• electricity
• gas
• district heating
• waste
• water
• distribution networks

Currently no advisers have been appointed for the process, however, according to a source there are a large number of interested parties already looking at the asset.

Gruppo Iren was contacted for comment but had not replied by the time of publication.