Apollo submits non-binding bid for Uniper that could value it at €10bn — OilPrice

In Germany, investment firm Apollo Global Management has submitted a non-binding proposal to acquire energy company Uniper. The sale could value the country’s largest gas importer at around €10 billion, OilPrice reports, citing Reuters.

Competition for Uniper

Germany took control of Uniper in 2022, providing the company with €13.5 billion in aid. This happened after Russia reduced pipeline gas supplies, forcing Uniper to replace contracted Russian volumes with more expensive gas on the market. Berlin now owns 99.12% of the company’s shares.

According to the publication, Norway’s Equinor, EPH of Czech businessman Daniel Kretinsky, a consortium of Brookfield and Canada Pension Plan Investment Board, as well as a partnership between RWE and KKR, are also seeking to acquire Uniper. German authorities, together with advisers, are expected to determine the participants in the next selection round within several weeks.

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Terms for reducing state ownership

Uniper supplies Germany with around 190 TWh of gas annually. The company has reserved regasification capacity for 57 TWh of liquefied natural gas and operates underground gas storage facilities with a total capacity of 7.2 billion cubic metres, of which 5.9 billion cubic metres are located in Germany.

In 2024, Uniper terminated long-term gas supply contracts with Gazprom Export and redirected its procurement portfolio to other sources, including long-term LNG contracts from the United States and Australia. The European Commission has required Germany to reduce its stake in Uniper to no more than 25% plus one share by the end of 2028. Berlin is considering a direct sale or returning the company’s shares to the stock market; up to 74.12% of the shares may be sold as part of the current process.