Carlyle Group (CG) is working with Barclays (BCS) to explore a sale of Calastone, a London-based funds network and data business, Reuters reported Thursday, citing four people familiar with the matter.

While the process is in the early stages, Carlyle is anticipated to hold an auction before the summer, two of the people reportedly said.

One of the people said that in case of a sale, the business could fetch 600 million British pounds ($731.2 million) or over 20 times its earnings before interest, tax, depreciation and amortization, according to the report.

Calastone declined to comment when contacted by MT Newswires, while Carlyle and Barclays and didn't immediately respond to requests for comment.

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