Howard Hughes to buy Vantage for $2.1 billion, shares rise

Shares of real estate company Howard Hughes Holdings HHH.N rise nearly 2.5% to about $85 premarket

Bill Ackman-backed company says it will buy specialty insurance firm Vantage for about $2.1 billion

Says it will fund deal with cash and up to a $1 billion loan from Ackman-backed hedge fund, Pershing Square, which will be in the form of preferred shares in Vantage

Deal is expected to close in the second quarter of 2026

Three of 4 analysts rate HHH "buy" or higher, 1 "hold"; median PT is $105 - data compiled by LSEG

As of last close, HHH shares up 7.9% YTD