Apollo Joins $11.5 Billion Race for German Gas Giant Uniper

What is Apollo proposing to buy, and why is Uniper being offered for sale?

Apollo Global Management is proposing to buy a stake in Uniper, Germany’s largest gas importer. The possible transaction could value the company at around €10 billion. Uniper matters because it trades gas and LNG, supplies German customers, and operates major storage and regasification assets.

Germany took control of Uniper during the 2022 energy crisis. It paid €13.5 billion for a bailout after Russia cut pipeline deliveries, leaving Uniper to replace contracted supplies at much higher prices. Berlin now owns 99.12% of the company.

The sale is not simply a commercial choice. The European Commission required Germany to reduce its holding to no more than 25% plus one share by the end of 2028. Berlin may sell up to 74.12% through the current process, while retaining the required minority stake. A stock-market return is also being considered.

What is Uniper, and what role does it play in Germany’s gas supply system?

Uniper is one of Europe’s largest gas and LNG traders. In Germany, it supplies around 190 TWh of gas each year. That makes it an important link between gas suppliers and German users, including the wider national energy system.

Its role extends beyond trading. Uniper holds bookings for 57 TWh of LNG regasification capacity and operates 7.2 billion cubic meters of underground gas storage. Of that storage, 5.9 bcm is located in Germany. These assets help bring gas into the country and keep supplies available underground.

Uniper became more important after Germany lost most of its Russian pipeline gas. The company ended its long-term contracts with Gazprom Export in 2024 and rebuilt its supply portfolio. It now uses other sources, including long-term LNG contracts with suppliers in the United States and Australia.

How large is Uniper’s gas business, including its annual gas deliveries, LNG capacity, and underground storage?

Uniper’s gas business is large enough to matter nationally. It supplies around 190 TWh of gas annually in Germany, making the company a major trader and supplier in the country’s energy system. Its infrastructure also helps manage imported gas and seasonal supply needs.

The company holds 57 TWh of LNG regasification capacity bookings. Regasification capacity refers to the ability to process imported LNG so it can enter the gas network. Uniper also operates 7.2 billion cubic meters of underground gas storage capacity, including 5.9 bcm in Germany.

These figures show why Uniper is strategically important beyond its trading activity. Since Germany lost most Russian pipeline supplies, its LNG access and storage have supported replacement supplies. Uniper has also secured long-term LNG contracts with suppliers in the United States and Australia, while ending Gazprom Export contracts in 2024.

Why did Germany take control of 99.12% of Uniper, and why must it now reduce its ownership?

Germany took control of Uniper during the 2022 energy crisis. Russia had sharply reduced pipeline gas deliveries, and Uniper was forced to replace contracted Russian supplies at much higher market prices. The financial pressure led Berlin to provide a €13.5 billion bailout and acquire 99.12% of the company.

The bailout stabilized a company central to Germany’s gas supply. Uniper traded gas, supplied around 190 TWh annually, and held important LNG and storage assets. Its domestic storage capacity totals 5.9 bcm, giving the company a significant role after Russian pipeline supplies collapsed.

The ownership is temporary under European Union rules. The European Commission approved the state aid but required Germany to reduce its Uniper holding to no more than 25% plus one share by the end of 2028. Berlin is considering a direct sale or a return of shares to the stock market.

What happened to Uniper and Germany’s gas market when Russia sharply reduced pipeline gas deliveries?

When Russia sharply reduced pipeline gas deliveries, Uniper lost access to much of the supply it had contracted. It still had to serve customers, so it bought replacement gas on markets where prices were much higher. That mismatch created severe financial pressure for the company.

Germany responded with a €13.5 billion bailout in 2022 and took control of 99.12% of Uniper. The crisis also disrupted the country’s gas supply arrangements. Germany lost most of its Russian pipeline supplies and had to rely more heavily on alternative sources and infrastructure.

Uniper’s role changed as it rebuilt its supply portfolio. It terminated long-term contracts with Gazprom Export in 2024 and secured long-term LNG contracts with suppliers in the United States and Australia. Its 5.9 bcm of German storage and 57 TWh of LNG regasification bookings became key parts of the replacement system.

What other companies or investment groups are competing to buy Uniper, and how could Germany sell its stake?

Apollo is competing with several major energy and investment groups for Uniper. The bidders named are Equinor; EPH, owned by Czech billionaire Daniel Kretinsky; a Brookfield and Canada Pension Plan Investment Board consortium; and a partnership between RWE and KKR.

Germany is not required to sell the entire company. Under the current process, Berlin could sell as much as 74.12% and retain 25% plus one share. That would satisfy the European Commission’s ownership condition while transferring control to private investors.

Berlin is also considering returning Uniper shares to the stock market instead of relying only on a direct sale. Germany and its advisers are expected to decide within weeks which bidders move forward. The process concerns a company that supplies 190 TWh of gas annually and operates 5.9 bcm of domestic storage.

What are natural gas, liquefied natural gas, and LNG regasification, and how do they move gas from producers to consumers?

Natural gas is a fuel made mainly of methane and found underground. Producers extract it and send it through pipelines, or prepare it for shipment as LNG. The article focuses on Uniper’s role in trading these supplies and delivering gas into Germany’s energy system.

LNG means liquefied natural gas. Producers cool natural gas until it becomes a liquid, greatly reducing its volume for transport by specialized ships. At the destination, an LNG terminal performs regasification: it warms the liquid until it becomes gas again, then sends it into the pipeline network. These definitions use standard energy knowledge beyond the article.

The movement is therefore producer to ship or pipeline, then terminal or network, and finally consumer. Uniper holds 57 TWh of LNG regasification capacity bookings and has long-term LNG contracts with suppliers in the United States and Australia. Its storage capacity can hold gas for later use.

Key Facts:

📌 Apollo’s bid could value Uniper at around €10 billion.

📌 Germany owns 99.12% of Uniper.

📌 EU rules require Germany to cut its stake by the end of 2028.

📌 Uniper supplies around 190 TWh of gas annually in Germany.

📌 It is one of Europe’s largest gas and LNG traders.

📌 Uniper operates 5.9 bcm of gas storage capacity in Germany.

📌 Uniper supplies around 190 TWh of gas annually in Germany.