Apollo submits non-binding bid for German utility Uniper

Apollo Global Management has submitted a non-binding indicative offer for German utility Uniper SE, according to a report published by Reuters on October 7, 2026. The news agency cited two people with direct knowledge of the situation.

The German federal government currently owns 99.12% of Uniper following a bailout package in 2022 valued at 13.5 billion euros, or 15.1 billion dollars at an exchange rate of 0.8933 euros per dollar. Berlin has so far recovered 3.5 billion euros through state aid paybacks and dividends.

The German state is offering a maximum stake of 74.12% in Uniper for sale. The government plans to retain a minimum blocking minority stake of 25.0%. Market reports estimate the transaction valuation for the utility at roughly 10 billion euros.