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Article: AIG Divests Asset Management Biz.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- September 14, 2009
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Byline: Avram Davis
American International Group, Inc. sold a segment of its asset management business to a portfolio company of Hong Kong-based private equity firm Pacific Century Group.
The buyer, Bridge Partners, L.P., will pay $500 million for the unit. The total acquisition price includes $300 million in cash at closing, with an additional expected $200 in earn-out payments. The unit manages about $88.7 billion in assets. AIG said the management team would remain unchanged.
The New York-headquartered insurance giant received $170 billion in bailout payments last year, leading up to the US government taking a controlling stake in the ...