Apollo Funds To Sell 30% Stake In Miller Homes To Daiwa House

(RTTNews) - Apollo Global Management, Inc. (APO), an asset manager, said on Thursday that Apollo-managed funds have agreed to sell around 30% minority stake in Miller Homes Limited, a British private house builder, to Daiwa House Company Limited (DWH.F, 1925.T), a Japanese construction company. "The strategic investment by Daiwa House will support the continued profitable growth of Miller Homes, providing additional resources and global construction and real estate expertise as the company expands its multi-tenure model and progresses towards its target of delivering 7,000 new homes per year," Apollo said. The transaction is expected to close later this year. Post transaction, Apollo Funds will remain as the controlling shareholder in the company.