AIG closes sale of equity stake in L&R business to Blackstone

AIG closes sale of equity stake in L&R business to Blackstone

Insurance giant American International Group (AIG) has closed the sale of a 9.9% equity stake in its life and retirement (L&R) business to Blackstone.

AIG announced the deal in July, revealing that Blackstone agreed to acquire the stake for $2.2 billion in an all-cash transaction.

Read more: AIG appoints Peter Zaffino as CEO

As part of the agreement, AIG also agreed to enter into a long-term strategic asset management relationship with Blackstone to manage an initial $50 billion of life and retirement’s existing investment portfolio, with that amount increasing to $92.5 billion over the next six years.

Read More>>