Pershing Square Boosts Howard Hughes Stake with $900M Investment Amid Insurance Plans

Pershing Square, led by Bill Ackman, has agreed to increase its stake in Howard Hughes Holdings Inc. to nearly 47% through a $900 million investment.

This move involves purchasing 9 million newly issued shares at $100 each, representing a 48% premium over the previous closing price. Howard Hughes' stock responded positively to this development, rising in trading following the announcement. Ackman's strategic focus includes plans to establish an insurance operation and broaden Howard Hughes' business scope within the real estate sector, signaling potential diversification and expansion initiatives.