Apollo submits non-binding bid for German energy firm Uniper
APO•Apollo Global Management submitted a non-binding offer for Uniper, joining other bidders in an auction that could value the German energy firm at around €10 billion. Germany aims to sell up to 74.12% of its 99.12% stake by 2028.
1. Apollo joins auction
Apollo Global Management submitted a non-binding offer for Uniper, two people with direct knowledge of the matter said. The offer joins bids from EPH, Equinor, and a consortium of KKR and RWE, as well as indicative bids previously reported from Brookfield and CPPIB.
2. Planned state stake sale
Germany aims to sell up to 74.12% of Uniper, reducing its stake from 99.12% to a blocking minority by 2028 to meet EU requirements. The government took over the energy firm in 2022 under a €13.5 billion bailout; it has since received around €3.5 billion from Uniper through state aid repayments and dividends.
3. Next steps and alternatives
The sale could value Uniper at around €10 billion. Suitors are expected to learn in the coming weeks whether they can proceed to the next round. The government is also exploring an initial public offering, a scenario favored by Uniper's unions, which fear a possible breakup under new ownership.
