Berlin Kicks Off Uniper Sale as It Eyes Utility Mega-Deal

(Bloomberg) -- Germany launched the privatization of energy provider Uniper SE, opening the door to what could become Europe’s biggest utility deal this year.

The government is considering several options for the state-rescued company, including an initial public offering or a sale, according to a notice published in the Financial Times. No final decision has been made on the scope, timing or structure of a potential transaction.

Uniper was nationalized during Europe’s energy crisis after Russia cut gas supplies to the continent, leaving Germany’s largest importer of the fuel facing massive losses and forcing Berlin into a multibillion-euro bailout. 

Privatizing the company could allow the government to recover part of those costs, though it’s uncertain whether taxpayers would recover the full amount.

A sale may face objections from labor representatives. Employees favor a re-listing and “we continue to categorically reject an off-market sale,” Martin Geilhorn, head of Uniper’s workers council, said by email.

Germany began preparing Uniper’s return to private ownership last year, saying it preferred an IPO while also evaluating alternative options. Potential bidders that have shown early interest include Equinor ASA, Czech billionaire Daniel Kretinsky’s EPH and Brookfield Asset Management Ltd.

Before its 2022 nationalization, Uniper was owned by Fortum Oyj. The Finnish utility told Bloomberg that it would be “interested in assessing the opportunity” to buy its Swedish hydro and nuclear assets. Fortum has a so-called right of first offer for these plants until the end of this year that was secured during the sale, it said. 

The German government and its advisers have also spent months examining a potential merger with Securing Energy for Europe GmbH, another energy company nationalized during the crisis, producing multiple reports as the review process dragged on.

Time is increasingly becoming a factor. Under European Union rules, Germany must cut its stake in Uniper to no more than 25% plus one share by the end of 2028. A similar divestment process is expected for SEFE.

Interested parties have until June 12 to declare their interest to advisers JPMorgan Chase & Co. and UBS Group AG.

(Updated with Fortum comment in seventh paragraph.)

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