Zenith Energy’s owners have shortlisted bidders for the sale of a stake in the business, three sources familiar said.

The shortlist was finalised early last week out of four companies that lodged non-binding bids in February, one of the sources said.

CVC DIF, advised by Jarden, and EQT, advised by UBS, are on the shortlist, all three sources said.

KKR, advised by Macquarie Capital and Gresham, is no longer a contender, one source familiar said, without providing details. A fourth source familiar said that the private equity fund manager is still involved.

A KKR spokesperson declined to comment.

Final bids are due in June.

Morrison & Co was reported by local media to be involved, but is no longer bidding.

A local media report on 21 April stated that three bidders had been shortlisted – KKR, EQT and CVC DIF – while MSIP and Morrison were out.

There were previously two scenarios – a 50%-100% sale or a half share – but an information memoranda distributed recently settled on up to a 50% stake, sources told Infralogic in December.

Spokespeople at CVC DIF, EQT, MSIP and the Zenith shareholders either declined to comment or did not respond to requests for comment.

Remote area and standalone power developer Zenith is owned by Pacific Equity Partners, OPTrust and Foresight Group, which acquired it in 2020.