(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.

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.

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