SEFE hires Lazard to advise on German reprivatisation sale

German state-owned energy firm SEFE has enlisted investment bank Lazard to explore sale options, as Berlin accelerates efforts to privatize the group, two sources said Friday. SEFE was bailed out by Germany for €6.3 billion in 2022 after former parent Gazprom abandoned the business, which is vital to national energy security. A sales process is expected in 2027 to avoid clashing with the separate sale of a majority stake in peer Uniper. The company operates 4,200 kilometers of gas pipelines, a quarter of Germany's gas storage, and supplies over 200 terawatt hours to 50,000 industrial customers. It has repaid nearly €1 billion in state aid and proposed a €2 billion capital increase. EU rules require Germany to cut ownership in both firms to 25% plus one share by 2028.