A former key client of Gazprom is being privatized in Germany

The German energy company Uniper, which was one of the largest buyers of Russian gas in Europe until 2022, is set to be privatized.

This is reported by Handelsblatt.

After the outbreak of full-scale war in Ukraine in 2022 and the reduction of Russian gas supplies to the EU, the company found itself on the brink of collapse. At that time, the federal government nationalized it and provided assistance amounting to approximately €13.5 billion through additional share issues.

Germany currently owns 99% of the company’s shares. In accordance with EU requirements, the country must reduce this stake to 25% plus one share by the end of 2028.

Companies interested in acquiring a stake in Uniper will be able to submit applications to the German Ministry of Finance by June 12. At the same time, the German government plans to pursue a potential IPO for Uniper.

The state will sell its shares either directly to investors, through the stock exchange, or a combination of both.

Uniper’s current market capitalization is approximately €18 billion. This figure is not representative, as less than 1% of the company’s shares are in free float on the stock exchange.

During the sale, the company could be valued at less than €1 billion.

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