Wintershall Dea has signed an agreement to sell its 50.02% stake in WIGA Transport Beteiligungs-GmbH & Co. KG and WIGA Verwaltungs-GmbH (collectively known as WIGA) to SEFE.
The deal, which SEFE will fund exclusively, is anticipated to close this summer.
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Upon the deal completion, SEFE, a former unit of Russia’s Gazprom PJSC, will become the sole shareholder of WIGA.
Germany took over SEFE in the midst of the 2022 energy crisis when Russia cut off gas supplies to the corporation.
The EU endorsed this action and provided a €6.3bn ($6.8bn) capital infusion, contending that the collapse of SEFE would risk the stability of European energy markets.
However, as part of the rescue stipulations, the Commission mandated Germany to privatise SEFE by 2028.
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By GlobalDataThis acquisition marks a pivotal step towards making SEFE suitable for the capital market, with the aim of securing the highest possible sale value, reported Bloomberg News, citing a spokeswoman from the economy ministry.
SEFE supervisory board chairman Reinhard Gorenflos said: “With the full acquisition of WIGA as sole shareholder, we are strategically strengthening SEFE as an independent and autonomous midstream company.”
WIGA owns GASCADE Gastransport and NEL Gastransport, two key gas transmission system operators in Germany.
These subsidiaries manage an onshore gas transmission network spanning approximately 4,150km and directly connecting to five European countries.
SEFE CEO Dr Egbert Laege said: “SEFE being the sole shareholder of WIGA would ensure that GASCADE can convert the existing high-performance infrastructure to hydrogen in the future. In this way, we can help drive forward the green energy transformation. Transportation infrastructure is a pivotal part of the future hydrogen value chain.
“The two WIGA subsidiaries, GASCADE and NEL, will continue to operate independently and market their capacity in a transparent and non-discriminatory manner.”
