(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 is 48% above where the stock closed Friday, and puts Pershing's stake in the company at 46.

After months of deliberation and deal-making, Pershing Square has struck a deal to invest $900 million in Howard Hughes Holdings.