Apollo Global Management has submitted a non-binding bid for German energy company Uniper as Berlin moves toward one of Europe’s largest potential energy-sector privatizations.
Germany owns approximately 99.12% of Uniper after rescuing the company during the 2022 European energy crisis.
The government is examining a sale of as much as 74.12% of the company, with the transaction potentially valuing Uniper at around €10 billion.
Apollo is not alone.
Other parties reported to be participating in the process include Czech energy group EPH, a consortium involving Brookfield and Canada’s CPPIB, Norway’s Equinor and a separate combination involving KKR and German utility RWE.
Indicative offers were submitted by the September 21 deadline.
The German government is expected to decide which bidders advance to the next stage in coming weeks.
The sale would mark another step in reversing one of Europe’s most consequential energy-sector interventions following Russia’s invasion of Ukraine.
Germany took control of Uniper after reduced Russian gas deliveries left the utility facing enormous costs to replace contracted supplies on wholesale markets.
Berlin ultimately committed approximately €13.5 billion to stabilize the company.
Uniper has since recovered as European gas markets normalized and the company restructured its operations.
That recovery creates an opportunity for Germany to reduce its ownership while potentially returning a major utility to predominantly private control.
No buyer has been selected, and Apollo’s offer remains non-binding.
The next milestone is the government’s shortlist for the next round of bidding and the valuation bidders are ultimately willing to place on one of Germany’s most strategically important energy companies.
