SEFE is working with Lazard as Germany explores selling the state-owned energy group, with a sales process expected to start in 2027. Germany must reduce its stake to 25% plus one share by the end of 2028, and an IPO is currently seen as unlikely.
SEFE is working with Lazard to explore options for a sale as Germany pursues reprivatisation of the energy group. Sources expect a sales process to begin in 2027, after efforts to sell a majority stake in peer Uniper, and one source said an IPO is currently unlikely.
SEFE employs more than 2,000 people and operates 4,200 kilometres of gas pipelines, a quarter of Germany’s gas storage capacity and a commodity trading desk. It supplies more than 200 terawatt hours of gas and power to more than 50,000 industrial customers, and reported core profit of €789 million on sales of €15.5 billion last year.
Germany rescued SEFE with €6.3 billion in 2022 after former parent Gazprom abandoned the business. SEFE has repaid close to €1 billion in state aid; under European Union state aid rules, Germany must cut its ownership in SEFE and Uniper to no more than 25% plus one share by the end of 2028.
