AIG will also sell affordable-housing assets to Blackstone for US$5.1bil (RM21.4bil).
NEW YORK: American International Group Inc (AIG) has agreed to sell a 9.9% equity stake in its life and retirement business to Blackstone Group Inc for US$2.2bil (RM9.24bil) in cash.
The insurer and the private equity giant agreed to a “long-term strategic asset management relationship” for an initial US$50bil (RM209.9bil) from the life and retirement portfolio, AIG said in a statement.
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