Germany begins the sales process for the bailed-out energy company Uniper.

Germany has initiated the sale process for the state-supported energy company Uniper, setting the stage for a potential major deal in Europe this year. The German government had to nationalize Uniper during the 2022 energy crisis, spending a total of 13.5 billion euros ($15.7 billion) to prevent its failure after Gazprom, its main gas supplier, halted deliveries.

Prospective buyers have until June 12, 12:00 CET (10:00 GMT), to send letters of intent to JPMorgan and UBS, according to an official announcement in the Financial Times. The government is considering either a sale or a public listing for its 99.12% stake in Uniper. Last month, two sources informed Reuters that the process could lead to a complete sale or an IPO and might begin with an official tender note before summer starts.

Uniper's CEO Michael Lewis stated that the company is now more stable, resilient, and strategically positioned. He emphasized that they have focused on generating reliable earnings and boast a robust balance sheet. This stability allows Uniper not only to pay dividends again but also to strategically invest in growth and transformation aimed at sustainable value creation and supply security. Lewis indicated that the government's decisions would determine the timing, scope, and form of the company’s reprivatization.

Previous reports have indicated interest from several parties, including New York-based Brookfield, Daniel Kretinsky's EPH, Norway's Equinor, and Abu Dhabi's Taqa. According to European Union regulations, Berlin must lower its stake in Uniper to a maximum of 25% plus one share by the end of 2028.