A fund managed by Apollo has agreed to buy Miller Homes, one of Britain’s biggest housebuilders, from its private equity rival Bridgepoint as activity in the housing market shows little signs of slowing down.
The financial terms of the deal were not disclosed but it is thought that any deal would value the builder at around £1.3 billion. The deal is expected to be completed in the first quarter of next year.
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Earlier this year it emerged that Bridgepoint had appointed Rothschild, the investment bank, to advise on its exit from Miller Homes through either a sale or a listing.
Miller Homes was established in Edinburgh in 1934 as a family-owned housebuilder. The company builds around 4,000 homes a year across nine regions including Scotland.
Source: The Times
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