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(Bloomberg) — Ontario Teachers’ Pension Plan Board is considering a sale of Busy Bees Group Ltd., a provider of child daycare centers in the UK, according to people familiar with the matter.

The Canadian investor is weighing selling part or all of Busy Bees, the people said, asking not to be identified discussing confidential information. Any deal could value Busy Bees at more than £3 billion ($3.5 billion), the people said.

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A sale process would likely begin in early 2023, according to the people. Deliberations are in the early stages and there’s no certainty they’ll lead to a sale. A representative for OTPP declined to comment.

Founded in the 1980s, Busy Bees is now one of the largest providers of child daycare in Britain, with 379 nurseries across the UK and Ireland, according to its website. 

OTPP, one of Canada’s largest public-pension managers, took a majority stake in the business in 2013. At the time, Busy Bees operated just over 200 nurseries.