Overview
- Howard Hughes confirmed on June 4, 2026 that it has completed the roughly $2.1 billion acquisition of Vantage and that Vantage is now a subsidiary of HHH.
- HHH financed the deal with cash on hand and issued $1 billion of non-voting exchangeable perpetual preferred stock to Pershing Square Holdings as part of the purchase consideration.
- Pershing Square will manage Vantage’s investment portfolio on a fee-free basis, a structure HHH says aligns investment incentives with policyholders and shareholders.
- Vantage will continue to operate under its existing leadership with a renewed emphasis on underwriting profitability and HHH said it will provide capital support, including a $200 million infusion at closing.
- HHH plans for Vantage’s assets to be weighted toward cash, short-term Treasurys, and a portfolio of common stocks subject to rating-agency and regulatory limits, and the preferred stock carries a seven-year repurchase window with a formulaic repurchase price or possible exchange thereafter.