Apollo makes non-binding bid for German energy company Uniper
Apollo Global Management submitted a non-binding bid for German energy company Uniper, which the German government took control of in 2022 after a €13.5bn bailout. The government, holding 99.12% stake, aims to reduce it to 25% by 2028. Uniper could be valued at €10bn in the upcoming sale, with other bidders including EPH, Brookfield-CPPIB, Equinor, and KKR-RWE. The sale is under scrutiny due to Uniper's role in Germany's energy security.
How this was made

The 30-second read
Why it matters
The bid introduces potential ownership change for Uniper and could boost Apollo's stock, while prompting valuation shifts in the European utility sector.
Market read
The bid could reshape European energy ownership and affect utility stock valuations.
What to watch
Potential competition from other bidders and EU antitrust review could delay or block the transaction.
Background
Apollo Global Management has made a non-binding bid to acquire a stake in German state‑owned utility Uniper, with the German government looking to reduce its holding.
Ticker impact
Apollo Global Management submitted a non-binding bid to acquire a stake in Uniper.
potential upside as market prices in acquisition opportunity
expansion into European energy assets may improve growth outlook and attract capital
Market effects
European utility sector may see consolidation, prompting valuation reassessment.
German energy market could shift with reduced state ownership of Uniper.
M&A could influence global energy asset valuations and cross‑border investment trends.
Counterpoint
Deal may face regulatory hurdles and integration risks, limiting upside.
Key entities
- companyApollo Global Management
US‑based private‑equity firm submitting the bid.
- companyUniper
German state‑owned energy company targeted by the bid.
- governmentGerman Government
Current 99.12% owner seeking to cut its stake.
- companyUBS
Advising the German Finance Ministry on the sale.
- companyJPMorgan
Advising the German Finance Ministry on the sale.

