Lawyers from Sullivan & Cromwell and Simpson Thacher & Bartlett steered Pershing Square Capital Management as Bill Ackman sold a 10% stake of the management company to select investors.
Arch Capital Group Ltd., BTG Pactual, Consulta Ltd., and ICONIQ Investment Management are among the investors, along with Israeli insurance company Menora Mivtachim Holdings. They paid $1.05 billion combined for a piece of the company, which runs Ackman’s hedge funds, and is valued at more than $10 billion.
The deal comes ahead of a planned initial public offering for Pershing Square USA, Ackman’s investment fund in the US.
Simpson Thacher’s team ...
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