Pershing Square Invests $900M in Howard Hughes

Bill Ackman's Pershing Square invested $900 million in Howard Hughes Holdings Inc., acquiring 9 million newly issued shares at $100 apiece—a 48% premium over the previous closing price—and increasing its ownership stake to 46.9%. Ackman has become Executive Chairman of Howard Hughes' board, while Pershing Square's Ryan Israel is now Chief Investment Officer. The investment is intended to transform Howard Hughes into a diversified holding company focused on acquiring controlling stakes in both public and private growth companies, while maintaining its core real estate development and master planned communities operations. The transaction, which has already closed, was negotiated and approved by a Special Committee of independent directors and the full board. Pershing Square will provide advisory, investment, and risk management services to support the company's strategic transformation. The market reacted positively, with Howard Hughes shares rising 8% following the announcement.