AIG sells 90% of International Lease Finance Corporation

Monday, December 10 6:55 am

NEW YORK ? American International Group, Inc. announced today that it has reached an agreement with an investor group led by Mr. Weng Xianding, the Chairman of New China Trust Co. Ltd., to sell up to a 90% stake in International Lease Finance Corporation (ILFC), a non-core asset, for $ 5.28 billion.

The investor group comprised of New China Trust Co. Ltd., China Aviation Industrial Fund and P3 Investments Ltd. has agreed to acquire 80.1% of ILFC for approximately $ 4.23 billion, with an option to acquire an additional 9.9% stake. Upon receipt of required Chinese regulatory approvals and exercise of the option, the investor group is expected to be expanded to include New China Life Insurance Co. Ltd. and an investment arm of ICBC International.

The deal, which is expected to close in the second quarter of 2013, marks another success in the disposition of AIG?s non-core assets. At closing of the transaction, AIG will retain at least a 10% ownership stake in ILFC, allowing it to continue to participate in the growth of ILFC, including the benefits that the investor group will bring to the company.

The transaction is subject to required regulatory approvals, including all applicable U.S. and Chinese regulatory reviews and approvals, and other customary closing conditions. AIG expects to record a non-operating loss of approximately $ 4.4 billion, which includes a non-cash charge of approximately $ 1.8 billion associated with the utilization of tax net operating loss carry forwards from this transaction. ? Source: American International Group, Inc.

Source: http://thudderwicks.com/2012/12/aig-sells-90-of-international-lease-finance-corporation/

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