Czech Billionaire Kretinsky Among Suitors for German State-Owned Utility Uniper
By Christoph Steitz, Emma-Victoria Farr and Jan Lopatka
Czech billionaire Daniel Kretinsky’s energy holding company EPH is among potential bidders approached by the German government to buy German state-owned utility Uniper. According to three sources familiar with the matter, Kretinsky’s EPH is “part of the process” to sell Uniper’s 99.12% stake, which would be one of Europe’s largest deals in 2025. The stake has been valued at 19 billion euros ($19.6 billion).
Other companies reportedly approached include New York-based fund Brookfield, Norway’s Equinor, and Abu Dhabi’s TAQA. If Kretinsky’s EPH were to proceed with a purchase, it would be the company’s largest deal to date and potentially involve a discount.
EPH has ties to Germany, having purchased Vattenfall’s local lignite-fired power stations in 2016 and acquiring a stake in Uniper’s assets in France. The company already owns a minority stake in several German companies, including Thyssenkrupp’s steel unit and Metro AG.
The potential sale of Uniper would likely face extensive antitrust scrutiny. As critical infrastructure, the purchase would require permission from the government, which reserves the right to block any attempted takeover by a non-EU company of more than 10% in German power assets.