Insurer American International Group on Wednesday said that it had completed the sale of its aircraft leasing unit to AerCap Holdings, marking the end of years of efforts to sell International Lease Finance Corp. The sale also marks AIG's exit from its last non-core business, just a few years after sour derivative bets nearly wiped out the company.While the insurer has paid back a U.S. bailout and even reinstituted a dividend since the crisis, it is now a smaller, more narrowly focused company than before.AIG received $3.0 billion of cash and 97,560,976 newly issued AerCap common shares, according to an AIG statement, for a total value of about $7.6 billion based on AerCap's closing price per share of $47.01 on Tuesday.Net cash proceeds to AIG were approximately $2.4 billion after the settlement of intercompany loans, the statement added.
American International Group, Inc. (AIG) is a global insurance company. Shares of AIG fell by 1.06% or $-0.57/share to $53.39. In the past year, the shares have traded as low as $41.53 and as high as $54.02. On average, 9556910 shares of AIG exchange hands on a given day and today's volume is recorded at 5728877.
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