Pershing Square acquired $900 million in newly issued shares of Howard Hughes Holdings Inc. (HHH), headquartered in The Woodlands. Pershing Square’s investment will enable HHH to become a diversified holding company by acquiring controlling stakes in public and private operating companies while continuing to invest in and grow its core real estate development and Master Planned Communities business.

Pershing Square’s chairman and CEO, Bill Ackman, has been named executive chairman of the HHH board. The HHH leadership team, led by CEO David O’Reilly, will remain unchanged with expanded roles and responsibilities. HHH’s other employees will remain unchanged.

The announcement comes nearly four months after Ackman proposed an official merger with Howard Hughes Holding, Inc., which Ackman said was an effort to “diversify” the company’s stock portfolio.

Howard Hughes is the developer of several master-planned communities in the Houston region, including The Woodlands, Bridgeland and The Woodlands Hills (Photo)