Apollo Sells 30% of Miller Homes to Daiwa House, Retains Control
APO sits 25% above its 52-week low of $99.56.
Summary
Apollo-managed funds agreed to sell a roughly 30% minority stake in UK housebuilder Miller Homes to Daiwa House, with Apollo retaining control. The deal values the stake at an undisclosed amount and is expected to close later this year pending regulatory approvals. This follows Apollo's 2022 acquisition of Miller Homes and its subsequent integration of St. Modwen Homes. The sale provides partial monetization while keeping exposure to Miller Homes' growth toward 7,000 homes per year. Daiwa House brings global construction expertise as a strategic partner.
At the time of this announcement, APO was trading at $124.53 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $73.5B. The 52-week trading range was $99.56 to $153.29. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.