Key facts
- Apollo Global Management has submitted a non-binding offer for German energy firm Uniper.
- Uniper was bailed out by Berlin in 2022 for €13.5 billion.
- A sale of Uniper could value the firm at around €10 billion.
- Germany's finance ministry is looking to sell up to 74.12% of Uniper.
- EPH, Brookfield/CPPIB, Equinor, and KKR/RWE have also submitted bids.
Apollo Global Management has submitted a non-binding offer for German state-owned energy firm Uniper, according to two people with direct knowledge of the matter. This places Apollo in an auction for one of Germany's largest utilities, which was bailed out by Berlin in 2022 for €13.5 billion.
Potential suitors were required to submit indicative bids by September 21. The sale of Uniper could value the company at approximately €10 billion, potentially becoming one of Europe's largest utility deals this year. Germany's finance ministry, which holds a 99.12% stake in Uniper and is being advised by UBS and JP Morgan, aims to sell up to 74.12% of the energy firm.
Other entities that have submitted indicative bids include Czech energy firm EPH, controlled by billionaire Daniel Kretinsky; a consortium of investment firm Brookfield and Canada's CPPIB; Norway's Equinor; and a consortium of KKR with Germany's rival RWE. Suitors are expected to be notified in the coming weeks about whether they can advance to the next stage of the process.