🇩🇪💶 Germany is preparing to sell Gazprom’s former “subsidiary”

Berlin has begun preparations for the reprivatization of SEFE (formerly Gazprom Germania). The Economics Ministry has already started selecting legal advisers and investment banks. According to sources, Lazard is expected to oversee the process. As Handelsblatt reports, the sale is expected to begin in early 2027. The company is currently valued at around €6 billion, while an IPO is considered unlikely.

The company belonged to Russia’s Gazprom Group until 2022. Germany then took control, nationalized the company, and invested €6.3 billion in the process. Today, SEFE manages around 4,200 km of gas pipelines and a quarter of Germany’s gas storage facilities, supplying gas and electricity to more than 50,000 industrial and municipal customers. The company has already repaid the state nearly €1 billion in aid. Under the European Commission’s requirements, Berlin must reduce its stake to no more than 25% plus one share by the end of 2028.

It is noteworthy that Germany took over the former “Gazprom” group in the midst of the energy crisis, nationalized it, stabilized it at the state’s expense, and is now preparing to return the company to private hands. This is not simply a trading company, but the owner of a quarter of Germany’s gas storage facilities.


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