Howard Hughes Holdings, The Woodlands-based real estate development and operating company, on Monday sold 9 million new shares to billionaire investor Bill Ackman's Pershing Square. The $900 million transaction,

(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.

Billionaire hedge fund manager Bill Ackman spoke about the benefits an investment firm can realize from acquiring or building an insurance company and what it means for Howard Hughes Inc., in a CNBC interview on Monday.