Apollo Global Management has entered the race to acquire Uniper, Germany’s largest gas importer, with a non-binding bid. The sale could value the company at around €10 billion ($11.6 billion), joining a competitive field that includes Equinor, Czech billionaire Daniel Kretinsky’s EPH, a consortium of Brookfield and the Canada Pension Plan Investment Board, and a partnership between RWE and KKR.
Germany took control of Uniper in 2022 through a €13.5 billion bailout after Russia cut pipeline gas deliveries, forcing the company to replace Russian supplies at higher market prices. Berlin now owns 99.12% of Uniper, and the European Commission requires Germany to reduce its stake to no more than 25% plus one share by the end of 2028.
Uniper plays a crucial role in Germany’s gas supply system, supplying around 190 TWh of gas annually and operating 7.2 billion cubic meters of underground gas storage capacity. The company has rebuilt its supply portfolio, terminating long-term gas contracts with Gazprom Export in 2024 and securing long-term LNG contracts with suppliers in the U.S. and Australia.
Berlin is considering both a direct sale and a return of Uniper shares to the stock market. Under the current sale process, the government could sell as much as 74.12% of the company while retaining the required stake. The decision on which bidders advance to the next round is expected within weeks.