Apollo Global Management Bids for German Energy Firm Uniper
Apollo Global Management has submitted a non-binding offer to acquire a majority stake in the state-owned German energy utility Uniper.
Investment firm Apollo Global Management has submitted a non-binding offer to acquire a stake in Uniper, Germany's leading importer of natural gas. The Federal Government of Germany currently holds a 99.12% stake in the utility following a 13.5 billion euro bailout in 2022. To comply with European Union requirements, the government aims to reduce its ownership to a blocking minority by 2028.
The German finance ministry is seeking to sell up to 74.12% of the company, with a potential valuation of approximately 10 billion euros. Apollo is among several interested parties, including Norway's Equinor, Czech energy firm EPH, a consortium of Brookfield and CPPIB, and a consortium comprising KKR and RWE.
Government officials are pursuing a dual-track process, weighing a private sale against an initial public offering. Company unions have expressed a preference for an IPO to prevent a potential breakup of the utility.
