German energy firm SEFE reportedly enlists Lazard in reprivatisation efforts
LAZ•State-owned SEFE is working with Lazard to explore options for a sale, with a process expected to start in 2027. An initial public offering is currently seen as unlikely.
1. Sale planning
SEFE is working with investment bank Lazard to explore options for Berlin’s efforts to sell the energy group, two people familiar with the matter said. A sales process is expected to start in 2027, one source said, to avoid clashing with Berlin’s efforts to sell a majority stake in Uniper.
2. Business and finances
SEFE 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. The company reported core profit of €789 million on sales of €15.5 billion last year and has repaid close to €1 billion in state aid.
3. State ownership rules
Germany must reduce its ownership in SEFE and Uniper to no more than 25% plus one share by the end of 2028 under European Union state aid rules. SEFE said in April it had proposed a capital increase of up to €2 billion to Germany’s Economy Ministry.
