Apollo Global Management (APO) said Wednesday that Apollo-managed funds and affiliates, along with KKR (KKR), completed a 3 billion euros ($3.46 billion) capital investment in Bayer.

Under the deal, the company said it, along with KKR, invested in a newly-formed entity holding Bayer's long-acting reversible contraceptives business.

Bayer retains a majority stake and full operational control of the business, it added.

Bayer's strategy for the long-acting reversible contraceptives business remains unchanged following the investment, the company said.