The majority owner of UK data center firm Ark is reportedly looking to sell its stake in the company.

Citing people with knowledge of the matter, Reuters reports Elliott Investment Management is exploring strategic options for Ark Data Centres in a possible sale that could fetch more than £3 billion ($4 billion).

The US hedge fund has reportedly approached potential infrastructure investors and held informal talks with advisers about a potential sale of the UK firm, with a process potentially starting early next year.

Founded in 2005, Ark has 27 data centers across nine sites in operation or development across the UK and Belgium, totaling more than 560MW. It operates data center campuses at Cody Park in Farnborough, Meridian Park in north London, and Spring Park in Wiltshire’s Corsham, with a number of projects under development, including Union Park and Alliance Park in west London.

Ark (not to be confused with the US operator of the same name that was formerly known as Involta) serves a number of UK government departments and agencies, and also has a joint venture with the Cabinet Office called Crown Hosting to provide colocation services to public sector bodies and government departments.

Elliott acquired Ark Data Centres in 2012, with European real estate investor Revcap retaining a minority stake in the unit.

Elliott previously attempted to sell the company in 2023, but offers did not match the investment firm’s expectations. New Zealand-based infrastructure investor HRL Morrison & Co. was said to be in discussions to acquire Ark, valuing the operator at around £2.5 billion ($3bn) at the time.

Ark, Elliot, and Revcap declined to comment to Reuters.

IJ Global previously reported that Ark might be up for sale back in August 2022.