About Pershing Square Tontine Holdings, Ltd.

Pershing Square Tontine Holdings, Ltd.

Pershing Square Tontine Holdings, Ltd. (“PSTH”), a Delaware corporation, is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a private company. PSTH’s sponsor is 100% owned by the Pershing Square Capital Management, L.P. (“PSCM”) funds.

Bill Ackman is PSTH’s Chairman and CEO. He will work closely with the PSCM investment team and the other employees of PSCM to fulfill PSTH’s corporate mission. Mr. Ackman has spent 28 years in the investment management industry, the last 16 years as CEO of PSCM.

PSTH has not yet selected any specific business combination target. PSTH intends to pursue merger opportunities with private, large capitalization, high-quality, growth companies. PSTH will use PSCM’s substantial experience in identifying, analyzing, and determining business quality and the sustainable competitive advantages of a target company, as well as PSCM’s due diligence and negotiation expertise in executing a transaction. PSTH will seek targets in four principal market segments: high-quality IPO candidates, mature unicorns, private equity portfolio companies, and family-owned companies.

PSTH believes that its unique structure and willingness to acquire a minority interest in a company will help facilitate the completion of a transaction on attractive terms.

Pershing Square Capital Management, L.P.

Founded in 2003, Pershing Square Capital Management, L.P. (“PSCM”) is a registered investment advisor with approximately $14bn of assets under management.

PSCM is a fundamental value investor in the public markets. PSCM typically invests in high-quality, large capitalization businesses with opportunities for improvement that generate relatively predictable, growing free-cash-flows with formidable barriers to entry and a compelling value proposition.

As part of its strategy, PSCM often purchases large minority stakes in growth companies during periods when they have underperformed their potential. By working with management teams and boards of directors, PSCM has assisted its portfolio companies in creating substantial long-term value.

Core Investment Principles

Consistent with PSCM’s core investment principles and business strategy, PSTH expects to identify high-quality companies that have a number of the characteristics enumerated below. PSTH will use these criteria and guidelines in evaluating acquisition opportunities, but may decide to complete our initial business combination with a target business that does not meet all of these criteria.

These criteria include:

Simple, predictable,

Formidable barriers
to entry

Limited exposure to
extrinsic factors that we
cannot control

balance sheet

Minimal capital
markets dependency

Large market


Exceptional management
& governance