(AIG) Blackstone has agreed with the American International Group Inc. to acquire a 9.9% equity stake in the latter’s Life & Retirement business.
AIG will receive $2.2 billion from the all-cash transaction.
AIG will manage an initial $50 billion of Life & Retirement existing portfolio after the equity investment, an amount that will rise to $92.5 billion in the next six years.
The transaction is expected to close in the third quarter of this year.
Blackstone Real Estate Income Trust also agreed with AIG to acquire the latter’s interests in a US affordable housing portfolio amounting to about $5.1 billion, all cash transaction.
AIG: NYSE is up +2.22%, BX: NYSE is up +2.80%.
