18th Dec 2025 18:55
(Alliance News) - Pershing Square Holdings Ltd on Thursday announced its entry into an equity commitment letter to subscribe for up to USD1 billion of non-voting exchangeable perpetual preferred stock in Howard Hughes Holdings Inc.
The investment, Pershing Square said, was in connection with portfolio company HHH's agreement to indirectly acquire specialty insurance and reinsurance firm Vantage Group Holdings Ltd for approximately USD2.1 billion.
"The board of directors of PSH...note the views of HHH's management in relation to the Vantage acquisition and believe that it offers attractive prospects for HHH and, accordingly, for PSH, HHH's largest shareholder, and its shareholders," Pershing Square said.
The Guernsey-registered investment holding company said the subscription will be split into 14 tranches, which HHH will have the right to repurchase during prescribed windows following the end of each of the first seven fiscal years after HHH closes the Vantage acquisition.
Pershing Square said it expects the transaction to close in the second quarter of 2026.
Shares in Pershing Square closed 0.7% lower at 4,932.00 pence each on Thursday in London.
By Emma Curzon, Alliance News reporter
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