Bayer said the Apollo-backed financing will support its balance sheet and liquidity needs while leaving the contraceptives business under its control and consolidated in group accounts.
Bayer said it secured 3 billion euros ($3.4 billion) in equity from Apollo-managed funds in a deal tied to its long-acting reversible contraceptives, or LARC, business, giving the German group fresh capital while preserving control of the operation. Apollo funds and affiliates will take a minority, non-controlling stake in a new entity holding the LARC business, while Bayer will retain a majority stake, complete operational control, and full consolidation of the business within group accounts as part of its pharmaceuticals division's core operations. Bayer Chief Financial Officer Judith Hartmann described the transaction as a strategic financing solution that would strengthen the balance sheet and improve financial flexibility as the company faces increased liquidity requirements this year related to bond maturities and litigation procedures. Bayer said the deal is expected to close in the third quarter of 2026, subject to antitrust approval and customary conditions.