Czech billionaire Daniel Kretinsky, along with other potential buyers, has been contacted by Berlin regarding the acquisition of German state-owned utility Uniper, according to three sources familiar with the matter.
Other entities approached include New York-based fund Brookfield, Norway's Equinor, and Abu Dhabi's TAQA.
According to a source involved in the process, Czech energy holding company EPH, largely owned by Kretinsky's investment vehicle EPCG, is being considered. The sources chose to remain anonymous due to the confidential nature of the discussions.
EPH and Uniper have both declined to provide comments. The Finance Ministry, responsible for Berlin's stake, has not issued an immediate response.
With Berlin divesting its 99.12% stake in Uniper, acquired during Europe's energy crisis in 2022, potential options include a partial or complete sale of its holdings. The current valuation of Uniper is at 19 billion euros ($19.6 billion), making any stake sale a significant transaction in Europe for 2025.
EPH, which acquired some Uniper assets in France in 2019, has a history in Germany's energy sector, having purchased Vattenfall's local lignite-powered stations in 2016. Kretinsky's investment firms in Germany already hold stakes in Thyssenkrupp's steel unit and wholesaler Metro.
The German government has reportedly spent 13.5 billion euros on rescuing Uniper, marking one of the country's largest corporate interventions.
Potential deals involving Uniper, as a critical infrastructure entity, will undergo thorough regulatory scrutiny, with Berlin having the authority to review and potentially obstruct non-EU bidders seeking to acquire more than 10% of German energy assets.
Uniper, a significant player in Germany's energy landscape, supplied about a quarter of the gas consumed in the country last year, in addition to being the largest gas storage operator. It also maintains nearly a quarter of the nation's crucial power capacity to guarantee a stable energy supply.
(Note: The currency conversion rate is $1 = 0.9699 euros)