Pershing Square Holdco, L.P., a newly formed holding company for the business of Pershing Square Capital Management (PSCM), has completed the primary sale of a 10 percent common equity interest for an aggregate purchase price of $1.05 billion. A consortium of strategic investors participated in the transaction, including Arch Capital Group Ltd., BTG Pactual, Consulta Limited, ICONIQ Investment Management, Menora Mivtachim Holdings, an international group of family offices, and other investors.
In connection with the transaction, PSCM is also completing an internal reorganization of its ownership structure. The reorganization will result in the voting securities of PSCM being owned indirectly by entities controlled by senior management of Pershing Square, including its founder, CEO and largest shareholder, Bill Ackman.
The S&C team advising Pershing Square on the investment includes Scott Miller, Ken Li, Terence Kim, Maxwell Schwartz, Taoxin Wang and Rob Mandel, with Bill Farrar, Ethan Chess and Jessica Ljustina advising on securities and capital markets-related matters. Davis Wang, Jameson Lloyd, Devin Risinger and Alexei Owen advised on tax matters. Ben Perry, Vanessa Blackmore and Prateek Andharia advised on U.K. law matters. Rick Wertheim and Eric Diamond advised on Investment Advisers Act and Investment Company Act matters. David Gilberg and Aaron Levine advised on commodities and derivatives regulatory matters. Brad Smith and Eric Queen advised on antitrust matters. Tracey Russell advised on state securities law matters. Carley Groobman and Ryan Logan advised on various matters relating to the entry into subscription agreements with the investors.