Apollo Funds / Lecta Proposed Concentration

Detected March 11th, 2026

Summary

The European Commission has published details regarding the proposed concentration involving Apollo Funds acquiring sole control over Lecta Paper Industries. This is a public notice for transparency regarding the merger review process.

View original document View source feed page

What changed

The European Commission has released details concerning the proposed acquisition of sole control over Lecta Paper Industries by Apollo Funds through a debt-to-equity swap. Apollo, a global alternative asset manager, is seeking to acquire Lecta, a manufacturer of specialty and coated papers with operations across Spain, France, Italy, and Germany. The Commission is making this information public as part of its merger review process to enhance transparency.

This publication signifies the initiation of the Commission's review of the proposed merger. While the document itself does not impose new obligations or deadlines, it serves as a notification that the transaction is under scrutiny. Companies involved in the paper and packaging industry, as well as financial institutions advising on or participating in such transactions, should be aware that this merger is subject to regulatory review by the European Commission. Further details on the Commission's assessment and any potential conditions or prohibitions will be made public as the review progresses.

What to do next

Review the details of the proposed concentration for potential impact on business relationships or market dynamics.
Monitor the European Commission's merger review process for Apollo Funds / Lecta for any updates or decisions.

Source document (simplified)

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111 Disclaimer : The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein. M.12333 – APOLLO FUNDS / LECTA SECTION 4 Description of the concentration (4) The proposed concentration concerns the indirect acquisition of sole control, within the meaning of Article 3(1)(b) of the Merger Regulation, by corporate credit and asset-backed finance focused funds managed or advised by affiliates of Apollo Capital Management, L.P., a wholly-owned indirect subsidiary of Apollo Global Management, Inc. (together with indirect subsidiaries managing the investment funds, “Apollo”, both incorporated in the USA), over Lecta Paper Industries Intermediate Financing S.à r.l. (incorporated in Luxembourg and, together with its subsidiaries, the “Target”) by way of a debt-to-equity swap. (5) Apollo is a high-growth global alternative asset manager headquartered in New York City, New York. Apollo offers investment management and financial planning services to individuals and institutional investors. (6) The Target 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. The Target has its main operating offices in Barcelona, Spain and operates several production facilities in Europe, including manufacturing facilities producing pulp, base paper, specialty papers and coated woodfree paper, with seven mills across Spain, France and Italy and a self-adhesive converting centre in Germany. The current ultimate controlling entity of the Target is Lecta Ltd, an entity incorporated in the UK, with no single entity or individual exerting control over Lecta Ltd.