Apollo completes major capital solutions for Bayer and BMG

Apollo has completed two major capital solutions involving significant equity investments.

In the first transaction, Apollo and KKR closed a €3 billion capital solution for Bayer’s long-acting reversible contraceptives (LARC) business. Apollo and KKR invested equity capital into a newly established entity, while Bayer retains a majority stake and full operational control of the LARC business within its Pharmaceuticals Division. This deal is structured as a capital-structure solution rather than a full carve-out sale.

In a separate transaction, Apollo provided a $1.25 billion equity capital solution to support the combination of music companies BMG and Concord. The deal enables BMG to repay certain outstanding asset-backed securitization liabilities related to Concord’s legacy portfolio. Apollo acquired a noncontrolling interest in a BMG subsidiary, allowing the combined company to strengthen its balance sheet while maintaining the BMG name and Nashville headquarters.