Latham & Watkins, Paul, Weiss and Linklaters advised on Apollo Global Management’s €3 billion investment in Bayer’s LARC business.
Apollo-managed funds and affiliates have agreed to make a €3 billion equity investment in Bayer AG’s long-acting reversible contraceptives (LARC) business.
Under the transaction, Apollo-managed funds and affiliates will acquire a minority, non-controlling stake in the newly established entity, while Bayer will retain a majority stake and continue to exercise full operational control over the business. The investment is expected to strengthen Bayer’s capital structure while allowing the company to retain control over its pharmaceuticals operations.
The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals, including antitrust clearance, and customary closing conditions.
Latham & Watkins LLP advised Apollo in this transaction.
The Latham team was led by Frankfurt Private Equity partners Otto von Gruben, Dominik Waldvogel, and Christina Mann, with New York partner Gary Boss and associates Ivo Wanwitz, Antanas Grimalauskas, and Philipp Haubold.
Paul, Weiss also advised Apollo in connection with the €3 billion equity investment in Bayer.
The Paul, Weiss team is led by corporate partners Joseph Glatt and Nadeem Waeen, and includes partners Mark Wlazlo and Elizabeth Scherer; restructuring & debt capital solutions partner Kyle Kimpler; and litigation partner Jessica Benvenisty.
Linklaters advised Bayer AG on Apollo’s €3 billion equity investment in its long-acting reversible contraceptives business.
The team was led by Partners Carl Sanders (Private Capital) and Alexander Schlee (Capital Markets) and Counsel Nikita Selivanov (Private Capital); it included Partners Corporate/M&A Partners Arne Kießling, Guido Portier, Marleen Wessel (both Amsterdam), Oliver Rosenberg (Tax), Counsels Anna-Livia von Lüdinghausen, Isabelle-Carmen Petersen Weis (Banking), Managing Associates Philipp Meyer Reichen, Tobias Buddemeier (Corporate/M&A), Sebastian Plötz, Associates Lena Mühleisen (Private Capital), Ruth van der Haar, Carolien Lode (both Amsterdam, Corporate/M&A), Pascal Janssen Jägers (Tax).
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