Overview
- The deal anchors Howard Hughes’ move toward an insurance-centered holding company strategy.
- Howard Hughes agreed to acquire Bermuda-based Vantage for $2.1 billion, valuing it at roughly 1.5 times estimated year-end 2025 book value.
- Funding will come from about $1.5 billion of cash plus up to $1 billion of non-voting, non-interest-bearing preferred stock issued to Pershing Square.
- The preferred stock will be split into 14 equal tranches that Howard Hughes can repurchase annually at the greater of the issue price plus 4% or 1.5 times Vantage’s book value.
- Closing is targeted for the second quarter of 2026 pending regulatory approvals, and Howard Hughes shares rose roughly 2% to 3% on the announcement.