Blackstone to buy US$7.3bil of AIG housing and insurance assets

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.