Howard Hughes Holdings Inc. (NYSE:HHH) entered into a definitive agreement to acquire Vantage Group Holdings Ltd. for $2.1 billion on December 17, 2025. The transaction will be funded with approximately $1.2 billion of cash on HHH?s balance sheet and up to $1.0 billion from PSH in the form of non-interest-bearing preferred stock issued by HHH convertible into the common equity of Vantage.
The transaction is subject to customary regulatory approvals and closing conditions. The transaction is expected to close in the second quarter of 2026.
Jefferies LLC is acting as exclusive financial advisor and Gary Boss, Andrew Elken and Kirsten Gaeta of Latham & Watkins are acting as legal counsel to Howard Hughes Holdings. Oliver Wyman is acting as the Howard Hughes?s actuarial advisor. J.P. Morgan Securities LLC is acting as exclusive financial advisor and Alexander Cochran, Emily Huang, Jonathan Levitsky, J. Michael Snypes, Michael Bolotin of Debevoise & Plimpton LLP is acting as legal counsel to Vantage. Scott D. Miller and Scott D. Miller of Sullivan & Cromwell LLP acted as legal advisor to Howard.
The Carlyle Group Inc. is a global investment company. The Company operates through three segments: Global Private Equity, Global Credit, and Global Investment Solutions. The Global Private Equity segment advises the Company’s buyout, middle market and growth capital funds, its U.S. and internationally focused real estate funds, and its infrastructure and natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. The Global Credit segment advises funds and vehicles that pursue investment strategies including loans and structured credit, direct lending, opportunistic credit, distressed credit, aircraft financing and servicing, infrastructure debt, insurance solutions and global capital markets. The Global Investment Solutions segment advises global private equity programs and related co-investment and secondary activities. It has investment professionals located in over 29 offices across four continents. It also focuses on private student loan portfolio.
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