Apollo Global Management has thrown its hat into the ring for Uniper, submitting a non-binding offer that values Germany's largest gas importer at roughly €10 billion. The bid joins a crowded field of European energy majors and infrastructure investors, all vying for a company Berlin rescued with €13.5 billion four years ago.
The bailout legacy
Germany nationalized Uniper in 2022 after Moscow slashed pipeline flows, forcing the utility to cover its supply obligations at spot-market prices. The state now holds 99.12 percent. Brussels signed off on the rescue only if Berlin reduces its stake to no more than a quarter plus one share by the close of 2028.
What the bidders are buying
Uniper moves about 190 terawatt-hours of gas a year through the German market, controls 57 TWh of LNG regasification bookings and operates 7.2 billion cubic meters of underground storage, 5.9 bcm of it on German soil. The company tore up its long-term Gazprom Export contracts in 2024 and has since locked in replacement volumes from U.S. and Australian LNG projects.
The competition
Equinor, Daniel Kretinsky's EPH, a Brookfield-CPPIB consortium and an RWE-KKR tie-up have also lodged preliminary bids. Advisers expect to winnow the list within weeks. Berlin can sell as much as 74.12 percent in a direct transaction while keeping the mandated floor, or it could opt for a public listing.
What comes next
The timeline is tight. EU state-aid rules leave little room for delay, and the asset's strategic weight means any buyer will face scrutiny over supply security. A decision on the next round will signal whether Berlin prefers a clean break or a phased retreat.