Pershing Square Holdings to invest $1B in Howard Hughes preferred stock

Pershing Square Holdings announces that it has entered into an equity commitment letter to subscribe for up to $1B of non-voting exchangeable perpetual preferred stock to be issued by Howard Hughes (HHH) Holdings in connection with HHH’s agreement to indirectly acquire Vantage Group Holdings, a privately held specialty insurance and reinsurance company being sold by, among others, Carlyle and Hellman & Friedman, for approximately $2.1B in cash.