The private equity firm made a non-binding offer for the state-owned energy company, people familiar with the process said. KKR and RWE, Brookfield and CPPIB, EPH and Equinor have also bid.
Germany's sale of its controlling stake in Uniper has drawn a field of private capital bidders, and Apollo Global Management is now among them.
Apollo submitted a non-binding offer for Uniper, the German gas trader and power producer, according to two people familiar with the process. Indicative bids were due . The German government, which owns 99.12% of Uniper, is seeking to sell up to 74.12%, with UBS and JPMorgan advising.
The field
Other bidders include Czech energy group EPH, a consortium of Brookfield and the Canada Pension Plan Investment Board, Norway's Equinor, and a joint bid from KKR and RWE. RWE on Wednesday played down the prospect of taking a major role, after its joint bid with KKR. Decisions on which bidders advance to the next round are expected in the coming weeks.
Earlier estimates have put a sale at a valuation of around €10 billion for Uniper. That figure is an estimate of the company's value, not a bid.
The stake arithmetic
Selling 74.12% of a company the government owns 99.12% of would leave Berlin with 25%, and with more if it sells less than the maximum. At a €10 billion valuation, 74.12% would be worth about €7.4 billion.
The debate
One reading is that the number of bidders, spanning private equity, infrastructure funds, pension investors and strategic energy companies, points to a competitive auction that supports the government's valuation.
Another reading is that a retained 25% stake, political oversight and RWE's step back could narrow the field once binding terms are required, and that non-binding offers do not commit any bidder to the price it indicated.
The shortlist
The government's choice of bidders for the next round is the first marker. Whether Apollo bids alone or joins a partner, and whether any bid matches the €10 billion figure, will show how much of the field remains when terms become binding.