Equinor has reportedly submitted a non-binding offer for German state-owned utility Uniper, joining a competitive sale process. The German government is selling the majority stake it acquired when it nationalized Uniper in 2022 to prevent the company’s collapse during Europe’s energy crisis. The European Union requires Berlin to reduce its holding to 25% plus one share by 2028.
Other reported bidders include private equity firm Apollo Global Management; a consortium of KKR and German utility RWE; and a group comprising Brookfield and Canada’s CPPIB. The sale could value Uniper at around €10 billion, making it one of Europe’s largest utility deals this year. Uniper is a major gas importer and power producer in Germany.
An acquisition would support Equinor’s strategy to grow its integrated power business and strengthen its role as a key energy supplier to Europe. Equinor already has a long-term gas supply agreement with Uniper, signed in August 2026.