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17 Sep 2026

A&O Shearman advises Apollo Funds on sale of an approximately 30% stake in Miller Homes to Daiwa House

"A&O Shearman advised Apollo-managed funds on the agreement to sell an approximately 30% minority stake in Miller Homes to Daiwa House. Apollo Funds will remain the controlling shareholder; closing is subject to conditions and regulatory approvals."

A&O Shearman advised Apollo-managed funds (the Apollo Funds) on their agreement to sell an approximately 30% minority stake in Miller Homes to Daiwa House Industry Co., Ltd. The transaction sees the Apollo Funds sell an approximately 30% minority stake in Miller Homes, the UK’s largest private housebuilder, to Daiwa House, one of Japan’s leading construction and real estate companies. Apollo Funds will remain the controlling shareholder in Miller Homes. Established in 1934, Miller Homes completes around 5,000 homes a year across England, Scotland and Wales. Since its acquisition by the Apollo Funds in 2022, the company has delivered significant growth and strengthened its operating model, driven by disciplined operational execution and the acquisition and integration of St Modwen Homes. Daiwa House’s strategic investment is intended to support Miller Homes’ continued profitable growth by providing additional resources and global construction and real estate expertise as the business expands its multi-tenure model and works towards its target of delivering 7,000 new homes per year. The transaction remains subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year. A&O Shearman represented the Apollo-managed funds with a team composed by: Paul Dunbar, Partner, Private Equity; Adarsh Chhabria, Senior Associate; and Piers Edinborough, Associate. A&O Shearman represented the Apollo-managed funds with a tax team composed by: James Burton, Partner (Tax); Hugh Brooks, Counsel (Tax); and Daniel Alexander, Associate (Tax).
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