Centrica, Equinor and Brookfield consortium advance in Uniper sale as EPH, KKR and RWE drop out
Key Facts
Centrica, Equinor and a consortium of Brookfield and Canada Pension Plan Investment Board have advanced to the next stage of the Uniper sale process, while EPH, the KKR consortium and RWE did not, Reuters reported on November 14, citing people familiar with the matter. Bidders were told on Friday that the next round would produce binding offers, moving the process from initial interest to bids setting out clearer terms. Bloomberg reported that Centrica had advanced, while Reuters sources said Equinor remained in the running. The contest brings together energy companies and financial investors, with the advancing consortium comprising Brookfield and the Canadian pension fund. The round is part of Berlin’s effort to reduce its stake in the energy company it rescued during the European gas crisis.
The German government is seeking to reduce its stake in Uniper to a blocking minority, and Bloomberg reported that Berlin aims to retain a stake of about 25% after any deal is completed. That percentage would leave the government with an ownership interest in the company, while a sale would allow it to reduce its current holding. Berlin is considering two routes: selling shares to a strategic or financial investor, or returning them to the public through what is known as a relisting. The second option would leave open the possibility of the company returning to public markets rather than passing to a single owner or consortium. The terms of the stabilization package set a time and size limit on the state’s stake, requiring it to be reduced to no more than 25% plus one share by the end of 2028.
The potential size of the deal, however, cannot be measured directly against the company’s current market value. Bloomberg, citing people familiar with the matter, reported that any likely deal would value Uniper far below its market value of 18.1 billion euros on November 14. That estimate describes a possible deal, not a final price agreed between the seller and buyers. The gap comes amid a sale of a government stake in a company with strong operating results, but its final valuation will depend on the binding bids and their terms. The public offering option also leaves the government with another route to reduce its stake if it cannot agree a private deal with a buyer.
Uniper’s latest results point to an improvement in adjusted earnings. In the first nine months of 2026, adjusted operating profit was 1.024 billion euros, compared with 641 million euros in the corresponding period of 2025, while adjusted net income rose to 579 million euros from 268 million euros. The company raised its adjusted net income forecast for fiscal 2026 by 50 million euros, to a range of 550 million to 650 million euros. It kept its forecast for adjusted earnings before interest, taxes, depreciation and amortization at 1.1 billion to 1.3 billion euros. The figures give bidders an indication of the company’s performance and outlook as the potential deal value remains under assessment.
Adjusted earnings alone do not reflect the period’s result under reported accounting. Uniper recorded a net loss of 502 million euros in the first nine months of 2026, which it attributed to International Financial Reporting Standards requirements that oblige it to show the effect of rising forward electricity prices on sales. Reuters noted that the loss was also linked to a temporary accounting mismatch and the valuation of hedges. By contrast, company data showed an improvement in its economic net cash position: net cash was 4.078 billion euros on September 30, 2026, compared with 2.823 billion euros at the end of 2025. These figures present adjusted profitability, the accounting loss and liquidity together for parties considering binding bids.
The sale stems from the state’s rescue of the company during the energy crisis. The German government provided 13.5 billion euros in support in 2022 to rescue Uniper after Gazprom suspended gas supplies following the outbreak of the war in Ukraine. Since then, state ownership has been tied to a plan to return the company to the private sector, with a commitment to reduce the stake within the specified deadline. The company’s role in gas supply security also extends to its agreement with Equinor to supply more than 30 terawatt-hours of natural gas annually to Germany from 2027 to 2041. Equinor, which advanced to the next round, remains a contracted supplier to Uniper under the agreement.
The sale also faces internal opposition to a change in ownership. Uniper’s works council opposed a sale of the company, saying an initial public offering, which remains an option for the government, could better preserve its independence. That position intersects with the options Berlin is considering, since relisting shares would allow the state to reduce its stake without selling the company outright to a single investor. Uniper’s management is scheduled to present its strategy, medium-term investment plan and outlook at its Capital Markets Day in London on November 16, 2026, from 11:00 to 14:30 Central European Time. The event comes after bidders were told that the round ending in binding offers had begun, as the government continues to assess ways to reduce its stake.