A.I.G. to Sell Most of Leasing Unit to Chinese Investors |
| New York Times - Dec 10, 2012 |
The American International Group agreed on Sunday to sell up to 90 percent of its extensive airplane leasing unit to a group of Chinese investors in a deal that valued the business at about $5.28 billion. It is part of the insurance giant’s effort to sell assets that it considers nonessential to its core operations as the company continues to recover from the financial crisis.
Under the terms of the deal, A.I.G. will sell an 80 percent stake to a group that includes the New China Trust Company, the China Aviation Industrial Fund and P3 Investments. The consortium has the option of buying an additional 9.9 percent stake. If exercised, the move would bring in two additional investors: New China Life Insurance and an arm of the Industrial and Commercial Bank of China.
A.I.G. will hold onto at least 10 percent of the business, and the insurer’s chief executive, Robert H. Benmosche, will keep a seat on the company’s revamped board.
Read Full Article from New York Times
- Posted: 2012-12-10 11:51:51
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