Linklaters has advised Bayer AG on Apollo´s €3bn equity capital investment in its long acting reversible contraceptives business. Under the agreement, Apollo-managed funds and affiliates will obtain a minority, non-controlling stake in a newly established entity holding Bayer’s long-acting reversible contraceptives (LARC) business. Bayer will retain a majority stake in the entity and will continue to exercise complete operational control over the business.
With this transaction, Bayer strengthens its capital structure while preserving full operational control over its core pharmaceuticals business. The transaction is expected to close in the third quarter of 2026, subject to approval by antitrust authorities and customary closing conditions.
An international cross-practice Linklaters team advised Bayer comprehensively on this high-profile transaction. 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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