German energy firm SEFE enlists Lazard in reprivatisation efforts, sources say (updated)

Uniper SE

02/10/2026 15:36

Adds details from source in paragraph 5, ministry comment in paragraph 10
Sales process for SEFE is expected to start in 2027, sources say
Germany must cut SEFE stake to 25% plus one share by end-2028
IPO is currently seen as unlikely, source says
FRANKFURT/BERLIN, Oct 2 (Reuters) - German state-owned SEFE is working with investment bank Lazard LAZ.N to explore options in Berlin's efforts to sell the energy group, two people familiar with the matter said, as efforts to reshuffle the country's energy landscape pick up.
     SEFE, short for Securing Energy for Europe, had to be bailed out by Berlin for €6.3 billion ($7.1 billion) in 2022 after former parent Gazprom GAZP.MM abandoned the business, which is key for Germany's security of supply.
     A sales process for SEFE is expected to kick off in 2027 to avoid clashing with Berlin's current efforts to sell a majority stake in peer Uniper UN0k.DE, which also had to be rescued in the wake of Europe's energy crisis, the people said.
     An initial public offering is currently unlikely, one of the people said.
Another person said the German government has started the process under which law firms and investment banks could apply to be involved in a possible sale.
     SEFE, which employs more than 2,000 staff, operates a range of assets and businesses, including 4,200 kilometres (2,600 miles) of gas pipelines, a quarter of Germany's gas storage capacity and a large commodity trading desk.
     The company, which has already repaid close to €1 billion in state aid, supplies more than 200 terawatt hours of gas and power to more than 50,000 industrial customers, including municipalities and companies.
     SEFE, which made a core profit of €789 million on sales of €15.5 billion last year, said in April it had proposed a capital increase of up to €2 billion to Germany's Economy Ministry, which oversees ownership of the company.
The ministry declined to comment on specifics, saying only that the reprivatisation process would take into account security of supply in Germany and Europe.
SEFE and Lazard declined to comment.
Under European Union state aid rules, Germany must cut its ownership in both SEFE and Uniper to no more than 25% plus one share by the end of 2028.
     Boersen-Zeitung first reported the appointment of Lazard.
($1 = €0.8890)

(Reporting by Christoph Steitz, Markus Wacket and Ludwig Burger, editing by Friederike Heine, Thomas Seythal, Rod Nickel)
((ludwig.burger@thomsonreuters.com))