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Wintershall Dea, a German oil and gas venture, is looking to sell its stake in gas pipeline operator WIGA, reported Bloomberg, citing sources.

The energy company has engaged an adviser to divest its 50% stake in WIGA, a holding company, the sources said.

WIGA runs a pipeline network through Germany that stretches for more than 4,000km and connects five different European nations.

The pipelines are operated by WIGA’s transportation businesses Gascade, Opal and Nel.

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Including debt, WIGA’s assets are worth more than €5bn ($5.4bn), according to the sources.

The sources added that Wintershall Dea has already had preliminary talks regarding a deal with infrastructure investors that are eager to acquire assets with reliable returns.

However, they cautioned that there is no assurance that the ongoing discussions would result in a transaction.

Wintershall Dea’s representative opted not to comment on the development.

Headquartered in Kassel, Germany, Wintershall Dea was formed in 2019 following the merger of Germany-based BASF‘s energy division and a division of investment company LetterOne.

Before the Covid-19 pandemic, Wintershall Dea had a market value of more than €18.4bn.

Separately, German gas major Uniper is looking to divest its 20% ownership in the WIGA affiliate Opal.

When the German Government nationalised Uniper last year, the European Commission put requirements on the company, one of which was that it complete the sale of its Opal holding by the end of 2026.

Gas from Russia that was arriving via the Nord Stream pipeline was once transported by Opal and NEL.

Explosions last year damaged the pipeline, forcing Wintershall Dea to write off roughly €1bn it had used to finance Nord Stream 2.