Apollo joins $11.5B race for German gas giant Uniper as Berlin exits bailout

Apollo Global Management has submitted a non-binding bid for Uniper, joining a competitive sale process that could value Germany's largest gas importer at ~€10B. Berlin, which holds 99.12% after a €13.5B 2022 bailout, is moving to privatize the firm as European gas markets stabilize. The outcome will shape Germany's energy security posture and test investor appetite for state-owned energy assets.