Sefe — the former Gazprom Germania that Berlin seized after Russia's 2022 assault on Ukraine — is preparing its first privatisation step. Chief executive Egbert Laege told the FT the company will raise €1.5bn–€2bn in a capital increase (issuing new shares to dilute the German government's current 100 per cent stake) and use the proceeds to expand its regulated infrastructure assets. Sefe, short for Securing Energy for Europe, owns gas storage, pipelines and a UK-based trading arm previously known as Gazprom Marketing & Trading.
The capital increase will be the first dilution of the state's full ownership. Under European Commission rules, Berlin must sell down at least 75 per cent of its stake by the end of 2028. Laege said the Iran war had accelerated the privatisation rationale by highlighting the value of reliable, non-Russian gas suppliers to Europe — while also pushing gas prices higher. Subsequent steps could include further sell-offs or an IPO, though Laege said an IPO in the short window may be "a bit difficult". The company's role in German energy security may limit which investors Berlin will accept.
Sefe intends to keep its regulated infrastructure arm and trading arm together, rebuffing speculation it might be broken up. A possible merger with Uniper (the gas importer Berlin nationalised in 2022 after Russia cut supplies) has been studied but Laege is working on the assumption of a standalone process. Source: Financial Times, 20 April 2026, Verity Ratcliffe.
The story in one line. Sefe, the former Gazprom Germania nationalised by Berlin in 2022, will launch a €1.5bn–€2bn capital increase as the first step toward at least 75 per cent privatisation by end-2028, its CEO Egbert Laege told the FT.
Key numbers
- Capital increase size: €1.5bn–€2bn.
- Current German government stake: 100%.
- Minimum sell-down required by the EU: 75% by end-2028.
- Sefe’s business lines: regulated infrastructure (gas storage, pipelines) + UK-based trading arm (formerly Gazprom Marketing & Trading).
- History: Berlin seized Gazprom Germania in 2022 after Russia’s full-scale invasion of Ukraine; Uniper was also nationalised in 2022.
- Next steps after the capital increase: further sell-off, IPO, or another route — IPO is “a bit difficult” in the short window per Laege.
Why it matters
Sefe sits at the intersection of three European themes. First, gas security: it runs physical storage and pipelines that Germany and the EU depend on, especially while the Iran war tightens LNG markets and pushes up European TTF prices. Second, state-to-private rotation: Berlin must execute the EU-mandated sell-down by end-2028, and the first €1.5bn–€2bn tranche sets the valuation anchor for everything that follows. Third, M&A optionality: a Sefe-Uniper combination has been studied but shelved for now, leaving Uniper as a potential future counterparty.
Laege’s decision to keep the regulated and trading arms together matters for valuation. Regulated European gas infrastructure is a low-teens EV/EBITDA business, while energy trading is cyclical and less richly valued. Keeping them together simplifies the sell-down but may depress the multiple a pure infrastructure buyer could pay.
Takeaway
The €1.5bn–€2bn capital increase is a dilution, not a divestment — Berlin still chooses who comes in. Watch the investor list (likely excludes Russian and politically sensitive Gulf names) and the implied enterprise value. That number fixes the starting point for a €10bn+ sell-down over the next two and a half years.
Source: Financial Times, 20 April 2026, Verity Ratcliffe.