Apollo joins bidding race for Uniper at about $11.6 billion

Apollo Global Management submitted a non-binding bid for German gas giant Uniper in a sale that could value the company at around 10 billion euros, joining Equinor, EPH, a Brookfield-CPPIB consortium and an RWE-KKR partnership.

Why it matters: Berlin must cut its 99.12 percent stake to no more than 25 percent plus one share by end-2028, and the winner takes control of the backbone of Germany's post-Russian gas supply.

Data as of Reporting published October 7, 2026, citing Reuters. Bidder list and valuation not independently corroborated in this pass.

Apollo Global Management has submitted a non-binding bid for Uniper, Germany’s largest gas importer, in a sale that could value the company at about 10 billion euros ($11.6 billion), Reuters reported via OilPrice. Apollo faces Equinor, Czech billionaire Daniel Kretinsky’s EPH, a Brookfield and Canada Pension Plan Investment Board consortium, and a joint RWE-KKR bid; Berlin and its advisers are expected to narrow the field within weeks.

Germany seized 99.12 percent of Uniper through a 13.5 billion euro bailout in 2022 after Russia cut pipeline gas. The company now supplies about 190 terawatt-hours of gas a year in Germany with 5.9 billion cubic meters of domestic storage, and Berlin must reduce its holding to 25 percent plus one share by the end of 2028 under EU state-aid terms.

Apollo joins bidding race for Uniper at about $11.6 billion

Sources