(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.

Ackman, Pershing Square’s chairman and CEO, would become executive chairman of the Howard Hughes board. Hughes CEO David O’Reilly would retain his role.

Bill Ackman has invested $900 million to raise his stake in Howard Hughes Holdings from 37.6% to 46.9%, signaling plans to transform the real estate company into a diversified holding firm. This move aligns with his long-term vision of creating a Berkshire Hathaway-style investment conglomerate.