Germany starts reprivatisation of gas importer SEFE with planned 2027 sale

Advisory tenders and sale preparation

The German government began the process to reprivatise state-owned energy group SEFE (Securing Energy for Europe) on 2 October 2026, opening tender procedures for legal and financial advisers. The Federal Ministry for Economic Affairs and Climate Action invited law firms to apply for legal advisory mandates, setting a deadline to award contracts by 1 November 2026. At the same time, investment banks applied to state development bank KfW to secure transaction mandates. Berlin is also working with investment bank Lazard to evaluate strategic pathways for exiting state ownership of the Berlin-based utility. The reprivatisation follows an agreement established within Germany's governing coalition. A government representative confirmed the launch of the advisory tenders on Friday.

The federal government has started the application process for law firms and investment bankers.

Operating scale and financial standing

SEFE functions as Germany's largest natural gas importer, registering an import volume roughly twice that of domestic peer Uniper. The group employs nearly 2,200 staff members across several commercial divisions, including a commodity trading desk, 4,200 kilometres (2,600 miles) of pipelines, and a quarter of Germany's gas storage capacity. Its customer base exceeds 50,000 entities, delivering more than 200 terawatt hours of gas and electricity to industrial companies and municipal utilities. In 2025, the company posted sales of €15.5 billion alongside a core profit of €789 million. The 2022 rescue required €6.3 billion ($7.1 billion) in state funding after former owner Gazprom abandoned the business, of which SEFE has repaid close to €1 billion.

Dual-track process and market interest

The transaction framework outlines a dual-track procedure that leaves open the theoretical possibility of an initial public offering or a direct corporate sale, though market sources regard an IPO as improbable. The plan incorporates a capital increase of up to €2 billion targeted at expanding SEFE's energy infrastructure network, following a proposal the company submitted to the Economy Ministry in April. German financial reports value the company at approximately €6 billion, an amount comparable to the initial state rescue package. Investor interest has remained limited in early stages, as SEFE's financial recovery has moved at a slower pace than Uniper's recovery. SEFE also faced scrutiny in 2025 over its purchases of Russian liquefied natural gas.

Regulatory deadlines and Uniper coordination

The divestment process is scheduled to open in early 2027, timed to avoid direct competition with Berlin's active efforts to sell a majority stake in Uniper. Under European Union state aid commitments, Germany must reduce its shareholding in both SEFE and Uniper to at most 25% plus one share by the end of 2028. Berlin's Economy Ministry oversees the federal shareholding and will direct the formal bidding rounds leading up to the 2028 divestment deadline. SEFE declined to comment on specific advisory mandates, while the ministry maintained that European energy security remains central to the transaction terms.

That there will be a reprivatisation process is also clear from the framework provided by the Commission in its approval decisions. The federal government will take into account the security of supply of Germany and Europe in the reprivatisation process.