US-based Apollo Global Management has submitted a non-binding bid for Uniper, the German state-owned energy company, reported Reuters, citing sources.
The submission period for indicative bids for Uniper closed on 21 September, with Apollo joining a number of international investors said to be interested in acquiring a stake in the company.
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The German Government took control of the company in 2022 following a €13.5bn bailout amid energy supply concerns.
Since the bailout, Berlin has received approximately €3.5bn from Uniper, covering state aid repayments and dividends.
The forthcoming sale could value the company at close to €10bn, making it one of the most significant utility transactions in Europe this year.
Germany’s Finance Ministry, which is being advised by UBS and JPMorgan, currently holds a 99.12% stake in Uniper.
According to sources, the government aims to reduce its stake by up to 74.12% to comply with EU rules requiring the state to cut its holding to a blocking minority by 2028.
Other indicative bids have reportedly come from Czech energy company EPH; a consortium made up of Brookfield and Canada’s CPPIB; Norway’s Equinor; and a partnership of KKR and German utility RWE, one of the sources said.
The future ownership of Uniper carries heightened scrutiny due to the company’s importance to Germany’s energy supply security.
Energy issues remain central to national security discussions, a position emphasised by recent international events affecting supply chains and infrastructure.
Berlin’s management of the Uniper sale comes as governments worldwide are increasingly focused on maintaining control over critical energy assets.
In addition to considering a sale, the government is also exploring a dual-track process that may lead to an initial public offering of Uniper.
This possibility is reportedly preferred by the company’s unions, which have expressed concerns about potential restructuring under new ownership.
Uniper operates in the power generation, energy trading and natural gas supply sectors, with its headquarters in Düsseldorf and a presence in more than 40 countries.
In July 2026, Uniper signed six-year power purchase agreements with Respect Energy for electricity from its four newly built photovoltaic plants in Poland, which have a combined capacity of 219MW-peak.
