Apollo Funds and Lecta Concentration Case - Simplified Procedure

EC State Aid Cases

Published February 23rd, 2026

Detected March 11th, 2026

Summary

The European Commission has published a prior notification for a concentration involving Apollo Funds and Lecta (Case M.12333). This case is a candidate for the simplified procedure, indicating a potentially straightforward review process for the merger.

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What changed

This document serves as a prior notification for a concentration between Apollo Funds and Lecta, identified as Case M.12333. It is designated as a candidate for the simplified procedure by the European Commission. The simplified procedure is typically applied to mergers that are not expected to raise competition concerns, allowing for a faster review process.

For the parties involved, Apollo Funds and Lecta, this designation suggests that the merger review is likely to be less complex and time-consuming than a standard procedure. While no specific compliance actions are immediately required beyond the initial notification, companies should be aware that the Commission may still request further information if competition concerns arise during the review. The publication date of February 23, 2026, indicates the official commencement of this notification period.

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Prior notification of a concentration (Case M.12333 – Apollo Funds / Lecta) – Candidate case for simplified procedure

PUB/2026/196

OJ C, C/2026/1144, 23.2.2026, ELI: http://data.europa.eu/eli/C/2026/1144/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

ELI: http://data.europa.eu/eli/C/2026/1144/oj

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| | Official Journal
of the European Union | EN

C series |

| | C/2026/1144 | 23.2.2026 |
Prior notification of a concentration

(Case M.12333 – Apollo Funds / Lecta)

Candidate case for simplified procedure

(Text with EEA relevance)

(C/2026/1144)

On 16 February 2026, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1). This notification concerns the following undertakings:

| — | Apollo Capital Management, L.P. (‘Apollo Funds’, United States), controlled by Apollo Global Management, Inc. (United States), |

| — | Lecta Paper Industries Intermediate Financing S.à r.l. (‘Lecta’, Luxembourg), controlled by Lecta Limited (United Kingdom). |
Apollo Funds will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of Lecta.

The concentration is accomplished by way of purchase of shares.

The business activities of the undertakings concerned are the following:
| — | Apollo Funds is a global alternative asset manager that offers investment management and financial planning services to individuals and institutional investors, |

| — | Lecta is a manufacturer and supplier of specialty papers for labels, flexible packaging and other high value-added print segments, as well as coated and uncoated paper for publishing. It operates production facilities in Europe, including in Spain, France, Italy and Germany. |
3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission. Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:

M.12333 – Apollo Funds / Lecta

Observations can be sent to the Commission by email or by post. Please use the contact details below:

Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:

(2) OJ C 160, 5.5.2023, p. 1.

ELI: http://data.europa.eu/eli/C/2026/1144/oj

ISSN 1977-091X (electronic edition)

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