Private equity heavyweight KKR and Canadian pension fund CDPQ have formally expressed interest in acquiring Germany’s state‑owned utility Uniper, while Brookfield is circling the asset as part of a consortium with CPP Investments, Bloomberg reports. Other suitors include Japan’s Jera, Norway’s Equinor and German rival RWE, underscoring the deal’s strategic pull. The auction follows a significantly multibillion‑euro bailout that nationalised Uniper in 2022.

Berlin plans to retain roughly 25% of Uniper after any sale, limiting a buyer’s control and forcing the target to stay intact. EU competition rules prohibit carving out individual units, which narrows the field to sponsors willing to fund the whole enterprise. An IPO remains a fallback, championed by the works council as a safeguard for independence.

Uniper’s portfolio, which includes major gas imports and about 2 GW of planned new gas‑fired capacity, positions it as a cornerstone of Germany’s energy transition. The crowded bidder set signals that private capital still eyes high‑risk, state‑linked assets despite political strings, and could shape future market rules.