Apollo Joins $11.5 Billion Race for German Gas Giant Uniper

Apollo Global Management has entered a competitive bid for German energy company Uniper, joining other major players in a sale that could value the gas importer at around $11.6 billion. Germany's takeover of Uniper, following a €13.5 billion bailout in 2022 due to Russia's reduced gas deliveries, has left the country with a 99.12% stake in the company.

Current bidders for Uniper include Equinor, Czech billionaire Daniel Kretinsky's EPH, a Brookfield and Canada Pension Plan Investment Board consortium, and a partnership between RWE and KKR. Berlin and its advisers are anticipated to decide on the next round of bidders within weeks. Uniper is a major player in the European gas and LNG trade, supplying approximately 190 TWh of gas annually in Germany.

The company also holds 57 TWh of LNG regasification capacity and 5.9 bcm of underground gas storage capacity in Germany. Uniper ceased its long-term gas supply contracts with Gazprom Export in 2024 and has developed its supply portfolio around other sources, including long-term LNG contracts in the U.S. and Australia. Berlin is obligated to lower its Uniper stake under the conditions of the state aid approved during the energy crisis, aiming for a 25% plus one share ownership by the end of 2028.

Germany is contemplating either a direct sale or a return of Uniper shares to the stock market. In the current sale process, Berlin could sell up to 74.12% of the company while retaining the required 25% plus one share stake. All bidders are competing for a company that Berlin previously rescued four years ago and now supplies around 190 TWh of gas annually, with 5.9 bcm of domestic storage capacity.