Apollo makes non-binding bid for Germany's Uniper, sources say

• Germany bailed out Uniper for €13.5 billion ($15.1 billion) in 2022 and currently holds a 99.12% stake, seeking to sell up to 74.12%
• The sale could value Uniper at approximately €10 billion, making it one of Europe's largest utility transactions in 2024
• Multiple bidders submitted indicative offers by the September 21 deadline, including Czech billionaire Daniel Kretinsky's EPH, a Brookfield/CPPIB consortium, Norway's Equinor, and a KKR/RWE consortium

Summary: Apollo Bids for Germany's State-Owned Uniper

Key Development: Apollo Global Management has submitted a non-binding offer for Uniper, the German state-owned energy utility, joining a competitive auction for one of Germany's largest power companies.

Financial Details:

• Germany bailed out Uniper in 2022 for €13.5 billion ($15.1 billion)
• Current potential sale valuation: approximately €10 billion
• Berlin owns 99.12% stake; offering up to 74.12% for sale
• Deal could be one of Europe's largest utility transactions this year

Bidders in the Auction:

• Apollo Global Management (latest entrant)
• EPH (Czech energy firm controlled by billionaire Daniel Kretinsky)
• Brookfield/CPPIB consortium (Canadian pension fund partnership)
• Equinor (Norway's state energy company)
• KKR/RWE consortium (private equity firm partnered with German utility rival)

Timeline:

• Initial bid deadline: September 21
• Next round notifications: expected in coming weeks

Advisors: Germany's finance ministry has retained UBS and JP Morgan to manage the sale process.

Market Implications: The competitive interest from major global investors and energy companies signals strong demand for European utility assets despite Uniper's troubled recent history. The sale would mark a significant privatization move by Berlin, potentially recovering a substantial portion of the 2022 bailout costs. The involvement of both financial investors (Apollo, KKR, Brookfield) and strategic players (Equinor, RWE, EPH) suggests different visions for Uniper's future, with implications for Germany's energy sector consolidation and the broader European utilities landscape.