Brookfield and CPPIB Advance to Next Round in Uniper Sale Process
Key Facts
A Brookfield consortium and the Canada Pension Plan Investment Board (CPPIB) have advanced to the next round of the Uniper sale process, according to a Reuters feed headline published on 13 November, citing sources. The move marks a development in the sale of the German government’s stake in the energy company, but does not settle the identity of the final buyer or the form of the deal. Berlin is pursuing the reprivatisation through two parallel and equally weighted tracks: a new public offering and a potential merger-and-acquisition sale, according to the German government. The government said the two tracks are being pursued in parallel as equivalent alternatives. The process is subject to a deadline requiring the government to reduce its stake to no more than 25% plus one share by the end of 2028.
The government says the sale of individual assets is not part of the current reprivatisation process, leaving the options tied to ownership of the company as a whole or a market listing of its shares. Tagesschau also reported that prospective investors should be long-term holders and maintain Uniper as an integrated company. The condition reflects an official preference for keeping the company intact through any change of ownership. Uniper says the federal government has owned 99.12% of its shares since December 2022, and that the stake has remained unchanged since then. The consortium’s advancement to the next round therefore places it among the bidders, without meaning the government has chosen a buyer or ruled out a public offering.
The government’s ownership dates to a financial stabilisation package approved after Russian gas supplies were disrupted, according to Uniper. Capital measures enabled the government to make a direct equity investment of 13.5 billion euros in 2022. The company says the European Commission’s approval of the support package included Germany’s commitment to reduce its stake to no more than 25% plus one share by 2028 at the latest. The German parliament set the end of 2028 as the deadline for meeting that commitment. This timetable sets a clear limit on the divestment process, while the government considers a sale and a public offering at the same time.
The sale process is advancing as Uniper reported improved results for the first nine months of 2026. Adjusted earnings before interest, taxes, depreciation and amortisation reached 1,024 million euros, compared with 641 million in the same period of 2025. Adjusted net income also rose to 579 million euros from 268 million. The company attributed the year-on-year increase in its trading margin to market conditions, despite temporary outages. The results provide financial context for investors interested in the process, while any deal value or final terms remain undetermined based on the available information.
Uniper raised its 2026 adjusted net income forecast by 50 million euros, to a range of 550 to 650 million euros. The company left its adjusted earnings before interest, taxes, depreciation and amortisation forecast unchanged, at a range of 1.1 to 1.3 billion euros. Uniper said the gas storage facilities it operates, excluding the Breitbrunn facility scheduled to be decommissioned, were about 81% full in early November. That compares with a German average of about 60% over the same period. As part of its presentation of the company’s performance and plans, Uniper will hold a Capital Markets Day in London on 16 November 2026 to present its strategy, growth ambitions and plans to create shareholder value.
Uniper is scheduled to publish its 2026 annual report on 10 March 2027, according to its financial calendar. Tagesschau had reported that the government set 12 June 2026 as the deadline for receiving expressions of interest from potential buyers through UBS, JPMorgan and the Finance Ministry. The report also said that completing potential deals was planned by November 2026, alongside work on a public offering in January 2027. These dates set out timelines included in the sale and offering process, without changing the commitment to reduce the government stake by the end of 2028. While the Brookfield and CPPIB consortium has advanced to the next round, the two official tracks remain in play in parallel.