U.S. Markets close in 6 hrs 26 mins
  • S&P 500

    4,502.68
    +16.22 (+0.36%)
     
  • Dow 30

    35,389.95
    +131.34 (+0.37%)
     
  • Nasdaq

    15,057.02
    +35.21 (+0.23%)
     
  • Russell 2000

    2,267.84
    +2.19 (+0.10%)
     
  • Gold

    1,780.00
    +14.30 (+0.81%)
     
  • EUR/USD

    1.1650
    +0.0031 (+0.2679%)
     
  • 10-Yr Bond

    1.6060
    +0.0220 (+1.39%)
     
  • Vix

    16.18
    -0.12 (-0.74%)
     
  • GBP/USD

    1.3817
    +0.0090 (+0.6563%)
     
  • USD/JPY

    114.2350
    -0.0770 (-0.0674%)
     
  • BTC-USD

    62,603.68
    +1,167.96 (+1.90%)
     
  • CMC Crypto 200

    1,456.61
    -6.74 (-0.46%)
     
  • FTSE 100

    7,204.26
    +0.43 (+0.01%)
     
  • Nikkei 225

    29,215.52
    +190.06 (+0.65%)
     

AIG Up On Broad Deal With Blackstone For Life And Retirement Business

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

By Dhirendra Tripathi

Investing.com – AIG (NYSE:AIG) stock rose 3.6% Thursday on a broad-based deal with Blackstone (NYSE:BX) that includes sale of 9.9% stake for $2.2 billion in its life and retirement business to the private equity giant.

Blackstone will also initially manage $50 billion in assets backing AIG’s life and retirement policies, with that amount increasing to $92.5 billion over six years.

These transactions are expected to close simultaneously by the end of the third quarter of 2021.

AIG will also sell certain affordable housing assets to Blackstone’s real estate investment trust for $5.1 billion. This deal is likely to be completed in the fourth quarter of 2021.

Kathleen McCarthy, global co-head of Blackstone Real Estate, said the company “will make significant investments to improve the apartments while ensuring they remain affordable and in compliance with all rent regulations."

Related Articles

AIG Up On Broad Deal With Blackstone For Life And Retirement Business

Sydney Airport rejects $17 billion buyout proposal amid deal frenzy

Wall Street Opens Lower as Chipmakers Sag on TSMC Outlook; Dow Down 100 Pts