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Howard Hughes Holdings said it closed its $2.1 billion acquisition of Vantage Group Holdings, its first major step toward becoming a diversified holding company beyond real estate, according to the company. Executive chairman Bill Ackman called Vantage a “cornerstone” for faster growth. Hughes’ real estate platform sold 412 acres of “superpad” sites for over $400 million in 2025.

Pershing Square, led by Bill Ackman, sold its entire stake in Universal Music Group after two failed takeover bids, according to CNBC citing The Wall Street Journal. UMG shares fell about 7% on the news, though they later rebounded. UMG also repurchased more than 14 million Pershing shares for about $290 million, per the report.

Pershing Square, led by Bill Ackman, sold its entire stake in Universal Music Group after two failed takeover bids, according to CNBC citing the Wall Street Journal. The exit generated about $600 million profit on a $1.5 billion-plus position but removed the takeover premium, sending UMG shares down 7%.

Vantage Group Holdings Ltd. said its acquisition by Howard Hughes Holdings Inc. (NYSE: HHH) has closed. The all-cash deal was valued at about $2.1 billion after regulatory approvals. Howard Hughes will infuse $200 million to strengthen Vantage’s balance sheet, and Pershing Square will manage Vantage’s investment portfolio on a fee-free basis.

Bill Ackman said on an All-In Podcast event that Warren Buffett’s Berkshire model focused on the asset side of insurance, using premiums to invest capital upfront and build compounding value. Ackman said he aims to apply a similar approach to Howard Hughes Holdings (NYSE:HHH), noting the market has discounted it versus liquidation value and that its insurance business is small but growing. He said the effort is long-term and not quick gains.

Pershing Square and its related entities have filed Amendment No. 32 to Schedule 13D, disclosing a beneficial ownership of 27,852,064 shares, or approximately 46.7%, of Howard Hughes Holdings Inc. common stock as of April 28, 2026. This amendment reflects a reorganization of Pershing Square's ownership structure and details the individual and shared voting and dispositive powers among the various Pershing Square entities, including PS HHH Holdings, which directly owns 9,000,000 shares. The filing also notes that PS HHH Holdings has entered into a Registration Rights Agreement, granting it certain registration rights for its Howard Hughes shares.