Exclusive Report - Sources say Apollo has submitted a non-binding offer to German energy company Uniper
路透社2026/10/07 15:16Germany plans to sell up to 74.12% of its stake in Uniper, with Apollo joining the bidders. Other parties vying for the stake include EPH, Equinor, and KKR. The sale could value the company at around 10 billion euros. Background: Uniper was taken over by the German government in 2022 under a 13.5-billion-euro (15.1 billion USD) rescue package, following the energy crisis triggered by Russia’s invasion of Ukraine which heavily impacted the company's finances. Since the bailout, Berlin has recouped approximately 3.5 billion euros from Uniper, including repayments and dividends. As Germany’s largest gas importer, Uniper's potential sale could be one of Europe’s biggest utility transactions this year, highlighting the strategic importance of the company in the region's energy security. Comments on the deal: Energy supply has increasingly become a major geopolitical and strategic concern globally, as highlighted by supply disruptions from the Iran conflict and recent sabotage attempts targeting power infrastructure. Given Uniper's central role in German energy security, its future ownership is under close scrutiny. The German finance ministry, which oversees the government’s 99.12% holding in Uniper—advised by UBS and JPMorgan—is aiming to sell up to 74.12% to comply with the EU mandate to reduce its stake to a “blocking minority” by 2028. According to earlier Reuters reporting, Czech energy group EPH, controlled by billionaire Daniel Kretinsky, and a consortium comprising Brookfield and Canadian CPPIB, have already submitted indicative offers. Equinor and a consortium of KKR and German utility RWE have also reportedly made bids. KKR, RWE, and Equinor declined to comment. In terms of process, Uniper is being sold through a dual-track sale, where the government is also exploring a potential IPO. This public listing is reportedly favored by Uniper’s unions, who fear potential break-up of the company under new ownership. Apollo and Uniper both declined to comment for Reuters. A source involved in the talks said bidders are expected to learn in the coming weeks whether they advance to the next round. All sources requested anonymity as they are not authorized to speak publicly. (1 USD = 0.8933 euros)
Add background information in paragraphs 3-5 and 10, and commentary in paragraph 9
Christoph Steitz/Anousha Sakoui
FRANKFURT/LONDON, Oct 7 (Reuters) - According to two sources with direct knowledge of the matter, Apollo Global Management (APO.N) has submitted a non-binding offer for Uniper (UN0k.DE), Germany’s state-owned energy firm, joining the bidding race for one of the country's biggest utilities.
Potential bidders were required to submit expressions of interest for Uniper by September 21. The company was taken over by the German government in 2022 as part of a 13.5 billion euro ($15.1 billion) bailout plan.
Since the bailout, the Berlin government has recouped about 3.5 billion euros from Uniper, including repayments of state aid and dividend payments.
As Reuters previously reported (link), as Germany's largest gas importer, Uniper’s planned sale could value the company at about 10 billion euros and would be one of Europe’s biggest utility deals this year.
Apollo and Uniper both declined to comment when contacted by Reuters.
Apollo enters a fiercely contested bidding process
Energy supply has become a critical geopolitical and strategic issue worldwide, as highlighted by supply disruptions caused by the Iran conflict (link) and recent sabotage attempts on power grids (link). Given Uniper's vital role in Germany's energy security, the question of its future ownership is under intense scrutiny.
The German Finance Ministry, which oversees Berlin’s 99.12% stake in the company and is advised by UBS and JPMorgan, is now planning to sell up to 74.12% of its holding in the power firm to meet the EU’s requirement to cut its stake to a “blocking minority” by 2028.
Reuters has previously (link) reported that Czech energy firm EPH, controlled by billionaire Daniel Kretinsky, and a consortium of Brookfield (BN.TO) and Canada’s CPPIB, have both submitted expressions of interest.
One of the sources said Equinor (EQNR.OL) and a consortium of KKR (KKR.N) and rival German utility RWE (RWEG.DE) have also filed bids.
KKR, RWE, and Equinor all declined to comment.
A third source involved in the negotiations said bidders are expected to be informed in the coming weeks about whether they make it through to the next round.
The sources spoke on condition of anonymity because they are not authorised to speak publicly.
Uniper is being sold through a dual-track process, with the government also exploring the possibility of an initial public offering (IPO) — an option (link) favoured by Uniper's unions, who are worried the company may be broken up under new ownership.
($1 = 0.8933 euros)
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