Fortum, the German Government, and Uniper have signed an agreement allowing the German Government to take complete control of Uniper in order to safeguard Germany's energy supply. Upon completion, the agreement enables Fortum to divest Uniper and refocus its core business on clean Nordic power generation. It replaces the initial Uniper stabilization agreement signed in July 2022 by the same parties.
Uniper has accumulated close to EUR8.5 billion (US$8.5 billion) in gas-related losses to date and cannot continue to serve as a crucial provider of supply security as a privately-held company. Thus, the German State intends to acquire all of Fortum's approximately 293 million Uniper shares for EUR1.70 (US$1.70) per share, or about EUR500 million (US$500 million) in total.
The parties have also agreed that Fortum will have the right of the first offer in the event that Uniper decides to sell all or a portion of its Swedish hydro and nuclear assets until the end of 2026.