SEFE enlists Lazard for reprivatisation efforts ahead of 2027 sale
by@Reuters
Summary
German state-owned energy firm SEFE is collaborating with investment bank Lazard to explore options for its reprivatisation, as the German government seeks to reduce its stake in the company in accordance with European Union state aid rules. Germany must lower its ownership in SEFE, which was bailed out in 2022 for €6.3 billion after being abandoned by former parent Gazprom, to no more than 25% plus one share by the end of 2028. The sales process for SEFE is anticipated to commence in 2027 to prevent overlap with similar efforts to sell a majority stake in Uniper, another firm that received state aid during the energy crisis.
Tokens
LAZ
Analysis
SEFE: SEFE, short for Securing Energy for Europe, is a German state-owned energy company that operates gas pipelines, storage capacity, and a commodity trading business while supplying gas and power to industrial customers. It became state-owned after a bailout during the European energy crisis triggered by the departure of former parent Gazprom. The firm has engaged Lazard to support Berlin's reprivatization process, with a formal sales effort planned to start in 2027 alongside similar efforts for peer Uniper. Lazard: Lazard is a global investment bank specializing in advisory services for mergers, acquisitions, restructurings, and privatization transactions. It has been retained by SEFE to advise on options for reducing the German government's ownership stake as part of broader efforts to reshape the national energy sector. The appointment aligns with ongoing regulatory requirements for state aid recipients and comes as the government prepares for a potential sales process in the coming years. Sector Reshuffle: Berlin is coordinating reprivatization timelines across multiple rescued energy companies to streamline the process. Transaction Outlook: An initial public offering is not currently viewed as the preferred route for divesting the state's interest in SEFE. Regulatory Requirement: European Union state aid rules obligate Germany to limit its ownership stakes in energy firms bailed out during the recent crisis.
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macropolitics