Pershing Square invested $900 million in newly issued shares of Howard Hughes Holdings (HHH), a transaction that will enable HHH to pursue its new strategy to operate as a diversified holding company by acquiring controlling stakes in high-quality, durable growth public and private operating companies.
Pershing Square’s Chairman and Chief Executive Officer, Bill Ackman, has been named the Executive Chairman of the HHH Board of Directors. Ryan Israel, Pershing Square’s Chief Investment Officer, will become HHH’s Chief Investment Officer—a new senior leadership role at the Company—and will also join the HHH Board of Directors. Pershing Square has also entered into a services agreement whereby it will support HHH’s strategic transformation into a diversified holding company by providing investment, advisory and other services.
The S&C team advising Pershing Square includes Scott Miller, Ken Li and Terence Kim. Davis Wang, Jameson Lloyd, Devin Risinger and Alexei Owen are advising on tax matters. Frederick Wertheim and Eric Diamond are advising on investment management matters. Ben Perry, Vanessa Blackmore and Kirsten Rodger are advising on U.K. law-related matters.