Pershing Square Holdings, Ltd. Announces Completion of Investment in Howard Hughes Holdings Inc. Preferred Stock
HHH completed its $2.1 billion cash acquisition of Vantage Group Holdings, a privately held specialty insurance and reinsurance company being sold by Carlyle and Hellman & Friedman. The acquisition was financed by a combination of HHH's cash on hand and a $1 billion investment by Pershing Square Holdings in non-voting exchangeable perpetual preferred stock. The preferred stock ranks pari passu with HHH common stock and is split into 14 tranches that HHH can repurchase at a price equal to the greater of 1.5x book value or the original price plus a 4% annual increase.
Key figures
- Deal Value Usd
- 2100000000
- Ownership limit
- 47%
- Voting power limit
- 40%
- Psh common ownership
- 28%
- Preferred stock issued
- 1000000000
- Pershing square collective ownership
- 46.9%
AI analysis
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