(Reuters) -Billionaire investor Bill Ackman's Pershing Square Capital Management will buy 9 million newly issued shares of real estate developer Howard Hughes Holdings for $900 million, the companies said on Monday.

The deal involves Pershing Square buying 9 million newly issued shares of Howard Hughes for a total cost of $900 million. The purchase price of $100 per share is 48% above where t

Billionaire hedge fund manager Bill Ackman spoke about the benefits an investment firm can realize from acquiring or building an insurance company and what it means for Howard Hughes Inc., in a CNBC interview on Monday.