Billionaire hedge fund manager Bill Ackman has been attempting to use real estate developer Howard Hughes Holdings ( HHH 2.82%) to create a "modern-day Berkshire Hathaway " for some time. Now, it looks like a deal has finally been reached that could allow him to get started.

Howard Hughes Holdings Inc.’s stock rose Monday as billionaire Bill Ackman reached a final agreement to acquire a controlling interest in the real-estate-development company that he plans to turn into a modern Berkshire Hathaway.

Bill Ackman has created a new acquisition machine, fulfilling his long-standing aspiration to create a conglomerate in the image of Warren Buffett’s Berkshire Hathaway, he announced on Monday.