Warburg Pincus LLC is considering a potential deal to acquire Quilter PLC, Bloomberg News reported, citing people familiar with the matter.

The private equity firm is not in formal talks with Quilter, but has reportedly held discussions about a potential bid for the company.

Shares of Quilter rose more than 6% on Jan. 21, giving it a market value of roughly £3.15 billion.

Quilter recently completed the sale of its Quilter Life Assurance business to ReAssure Group PLC, a unit of Swiss Re AG. The company had £109.8 billion of assets under management and administration in 2019, excluding the life assurance business.

Neither representatives for Warburg Pincus nor Quilter commented on the matter, according to Bloomberg.