Howard Hughes to acquire Carlyle and Hellman & Friedman-backed Vantage for $2.1bn.

Howard Hughes, a real estate development and management company, agreed to acquire Carlyle and Hellman & Friedman-backed Vantage, a specialized insurance provider, for $2.1bn. “The acquisition of Vantage is a milestone event in the transformation of Howard Hughes into a diversified holding company. In Vantage, HHH obtains an exceptional diversified specialty insurance and reinsurance platform managed by an excellent and highly experienced team. The combination of Vantage’s insurance expertise and Pershing Square’s investment capabilities creates the opportunity to build a large, highly profitable insurance company and an important source of long-term value creation for Howard Hughes,” Bill Ackman, Howard Hughes Executive Chairman.