Macquarie Group Ltd. is considering selling South Korea’s DIG Airgas Co. at a valuation of more than $2 billion, according to people familiar with the matter.

An investment arm of Macquarie is working with a financial adviser as it prepares for a potential sale of the business formerly known as Daesung Industrial Gases Co., the people said, asking not to be identified because the matter is private. Other companies in the industry and investment funds have shown preliminary interest in the industrial gas producer, the people said.

Discussions are at an early stage and Macquarie could decide to hold onto the asset for longer, the people said. Macquarie is not considering divesting DIG Airgas at this point in time, a spokesperson said Wednesday.

Founded in 1979, DIG is one of the biggest industrial gas producers in South Korea, supplying oxygen, nitrogen and argon as well as specialty gases used to make products such as semiconductors, according to its website. Macquarie bought DIG in 2020 for an undisclosed amount from MBK Partners, the private equity firm’s website shows.

Investors have recently been eyeing other industrial gas assets in South Korea. Seoul-based IMM Holdings is also exploring the sale of a stake in AirFirst Co., an IMM spokesperson confirmed in response to a Bloomberg News query. The potential sale of the AirFirst stake was first reported in the local press.

--With assistance from Harry Brumpton and Heejin Kim.

(Updates with Macquarie response in third paragraph.)