Miller Group eyes US sale

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EDINBURGH-based construction company Miller Group is close to concluding talks in a deal which could see majority control pass to US private equity giant Blackstone.

A consortium of three banks will write-down a share of Miller’s estimated £730 million of debt and take equity, it was reported today.

Blackstone, through its GSO Capital Partners subsidiary, is expected to invest substantial funds, which will support acquisitions of other housebuilders.

The Miller family holds more than 60 per cent of the company and a key issue in the negotiations is said to be whether it should relinquish majority ownership.