06:55 AM EST, 12/18/2025 (MT Newswires) -- Howard Hughes (HHH) will issue up to $1 billion of non-voting exchangeable perpetual preferred stock to Pershing Square as part of its planned $2.1 billion acquisition of Vantage, Pershing Square said Thursday.

The preferred stock will become exchangeable into Vantage common stock if not fully repurchased within 60 days after seven years following the issuance, the company said. Pershing Square's stake in Vantage will be limited to 49%.

The preferred stock will rank pari passu with Howard Hughes' common stock and will not carry a liquidation preference, Pershing Square, Howard Hughes' largest shareholder, added.

The transaction is expected to close in Q2, subject to customary conditions and regulatory approvals.