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(Bloomberg) — Germany launched the privatization of energy provider Uniper SE, opening the door to what could become Europe’s biggest utility deal this year.
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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.
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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.
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A sale could help the government recoup part of those rescue funds, though it’s uncertain whether taxpayers would recover the full amount.
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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.
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The 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.
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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.
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Interested parties have until June 12 to declare their interest to advisers JPMorgan Chase & Co. and UBS Group AG.
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(Updates with deadline in final paragraph.)
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English (US)