The German government has officially launched the privatization of energy giant Uniper. This initiative could develop into the largest deal this year in the European energy sector. Currently, German leadership is actively considering several strategic scenarios aimed at returning the company to private hands.

Berlin is exploring the possibility of a direct sale of assets to a major strategic investor or an initial public offering on the stock exchange as the primary restructuring mechanisms. The specific timeframe, final scale, and legal structure of the future transaction have not yet been finalized, but key financial benchmarks have already been outlined. Potential buyers wishing to participate in the privatization are required to submit official letters of intent to investment advisory banks JPMorgan and UBS by mid-June. Experts identify Norwegian oil and gas company Equinor, Czech billionaire Daniel Kretinsky's EPH holding, and the international investment group Brookfield Asset Management as the leading contenders. Furthermore, the potential merger of Uniper with another major European energy company, Securing Energy for Europe, which also came under state control during the turbulent period, was on the agenda.

Currently, the German state completely dominates Uniper's capital, holding a 99.12% stake. The need for emergency nationalization arose in late 2022, when Uniper, a key fuel supplier to the country, suffered colossal losses in the billions due to a sharp and widespread reduction in gas imports from Russia. As part of the anti-crisis plan and in accordance with the European Union's strict antitrust requirements, Berlin is required to systematically reduce its stake in the company to a blocking stake of 25% plus one share. Concurrently, German ministries are conducting similar pre-sale preparations for the former Gazprom subsidiary, now operating under the Sefe brand.