Apollo Global Management has agreed to acquire a minority stake in Bayer’s long-acting reversible contraceptives business for €3bn, in a transaction that highlights the private capital firm’s growing role as a provider of large-scale strategic financing to multinational corporations, according to a report by Bloomberg.
The deal gives Apollo an interest in a newly created entity housing Bayer’s contraceptives portfolio, while the German healthcare and agriculture group will retain full operational control of the business.
The unit includes brands such as Mirena, Kyleena and Jaydess, which generated approximately €1.4bn in revenue during 2025. Analysts have valued the business at around $6.5bn, implying Apollo has acquired a significant minority holding.
For Bayer, the transaction forms part of a broader balance sheet strategy aimed at strengthening its financial position as it continues to manage liabilities related to litigation over its Roundup herbicide. Earlier this year, the company increased its litigation provisions to €11.8bn and secured an $8bn bank financing facility to support settlement payments and upcoming debt maturities.
The sale follows Bayer’s recent decision to separate its US glyphosate business into a standalone unit after a favourable US Supreme Court ruling relating to Roundup litigation.
Market participants viewed the disposal positively, with investors welcoming the company’s efforts to reduce leverage while retaining ownership and operational control of a high-quality healthcare asset.
The investment also reinforces Apollo’s strategy of providing bespoke capital solutions to large corporates rather than pursuing traditional buyouts. The private equity and alternative asset manager has completed a series of sizeable financing transactions with global companies, including Intel, EDF and Vonovia, and earlier this year led a $35bn financing package for AI company Anthropic.
Europe remains a major focus for Apollo’s deployment strategy. The firm has previously said it sees significant opportunities across the region, particularly in Germany, where it expects to commit substantial capital over the coming decade. Recent investments have included major financings for European energy infrastructure projects, underscoring its expanding presence across the continent.
Separately, Apollo has also emerged as a bidder in the contest for easyJet, submitting an offer that reportedly exceeds a rival proposal from Castlelake, adding another high-profile transaction to the firm’s active European deal pipeline.
