Howard Hughes Holdings has agreed a deal to buy privately held specialty insurance firm Vantage Group Holdings for about $2.1 billion.
The companies announced this in a statement on Thursday, December 18, 2025.
The real estate company will fund the deal with cash and up to a $1 billion loan from Bill Ackman-backed hedge fund, Pershing Square, which would be in the form of preferred shares in Vantage.
Howard Hughes said it could buy the stock back from Perishing Square over seven years at a premium tied to Vantage’s book value.
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Ackman had previously raised his stake in Howard Hughes to 46.9% from 37.6%, with a $900 million investment in May, and said it would concentrate on buying controlling stakes in smaller businesses.
Bermuda-based Vantage Group uses technology and data analytics to underwrite and provide commercial property and casualty insurance products through its subsidiaries.
The deal for the company backed by Carlyle and Hellman & Friedman is expected to close in the second quarter of 2026.
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