Apollo Global Management bids for German energy firm Uniper

Apollo Global Management has submitted a non-binding bid for Uniper, a major German energy firm, as part of a competitive auction for the utility. The sale could value the company at approximately €10 billion ($11.6 billion).

Germany took control of Uniper in 2022 following a €13.5 billion bailout necessitated by the reduction of Russian pipeline gas deliveries. The German government currently holds a 99.12% stake but is required by the European Commission to reduce its ownership to no more than 25% plus one share by the end of 2028.

Apollo joins several other major bidders in the race, including Norway’s Equinor, Czech firm EPH, a consortium of Brookfield and the Canada Pension Plan Investment Board, and a partnership between KKR and Germany’s RWE. The German finance ministry, advised by UBS and JP Morgan, may sell up to 74.12% of the company. Bidders are expected to be notified regarding the next round of the process within the coming weeks.