Pershing Square Holdings Approves Deemed Assignment Of Its Investment Management Agreement

(RTTNews) - Pershing Square Holdings said it noted that Pershing Square Capital Management, which serves as PSH's investment manager, announced a sale to strategic investors of a 10% common equity interest in Pershing Square Holdco, L.P., a newly formed limited partnership that owns 100% of Pershing Square Capital Management. The sale is for a purchase price of $1.05 billion and is to a consortium of strategic investors including Arch Capital Group Ltd. (ACGL), BTG Pactual, Consulta Limited, ICONIQ Investment Management, Menora Mivtachim Holdings, an international group of family offices, and other investors.

In connection with the deal, Pershing Square Capital Management is completing an internal reorganization of its ownership structure which will result in the voting securities of Pershing Square Holdco being indirectly owned by a limited liability company, an entity which will be controlled by senior management of Pershing Square Holdco including Bill Ackman who is the largest shareholder of the LLC. Ben Hakim has been appointed as President of PSCM.

In connection with the reorganization, each of PSCM's funds, including Pershing Square Holdings, approved the deemed assignment of its Investment Management Agreement.