Apollo Joins $11.5 Billion Race for German Gas Giant Uniper
Apollo Joins $11.5 Billion Race for German Gas Giant Uniper Apollo Global Management has submitted a non-binding bid for German energy giant Uniper, joining some of Europe’s biggest energy and investment groups in a sale that could value Germany’s largest gas importer at around €10 billion ($11.6 billion),Reuters reported.
Germany took control of Uniper through a €13.5 billion bailout in 2022 after Russia slashed pipeline gas deliveries and the company was forced to replace contracted Russian supplies at much higher market prices.
Berlin currently owns 99.12% of the company.
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 have also submitted bids, according to Reuters.
Berlin and its advisers are expected to decide which bidders advance to the next round within weeks.
Uniper is one of Europe’s largest gas and LNG traders andsupplies around 190 TWh of gas annuallyin Germany.
It also holds 57 TWh of LNG regasification capacity bookings and operates 7.2 billion cubic meters of underground gas storage capacity, including 5.9 bcm in Germany.
Those assets have become a key element of Germany’s gas supply system since the country lost most of its Russian pipeline supplies.
Uniper terminated its long term gas supply contracts with Gazprom Export in 2024 and has rebuilt its supply portfolio around other sources, including long-term LNG contracts with suppliers in the U.S.
Berlin is required to reduce its Uniper stake under the terms of the state aid approved during the energy crisis.
TheEuropean Commission required Germanyto cut its ownership to no more than 25% plus one share by the end of 2028.
Germanyis considering both a direct sale and a return of Uniper shares to the stock market.
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