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,

Pershing Square agreed to invest $900 million in the company known for master planned communities, Bloomberg reported. Ackman’s firm will acquire 9 million newly issued shares of Howard Hughes for $100 apiece, a 48 percent premium on the stock’s closing price ahead of the weekend.

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.