Pershing Square Invests $900 Mln In Howard Hughes; Owns 46.9% Of HHH Shares Outstanding

(RTTNews) - Howard Hughes Holdings Inc. (HHH) and Pershing Square Holdco, L.P. and its wholly owned subsidiary, Pershing Square Capital Management, L.P. announced an agreement pursuant to which Pershing Square will invest $900 million to acquire 9 million newly issued shares of Howard Hughes Holdings. Pershing Square will now own 46.9% of Howard Hughes shares outstanding. Pershing Square has generally agreed to limit its voting power to 40% and its beneficial ownership to 47%.

Pershing Squares CEO, Bill Ackman, has been named the Executive Chairman of the HHH Board of Directors. Ryan Israel, Pershing Squares Chief Investment Officer, will become HHHs Chief Investment Officer.

Shares of Howard Hughes are up 6% in pre-market trade on Monday.