(wire)
AIG sells off international units
MetLife will purchase from AIG it's American Life Insurance Co. unit in a deal valued at $15.5 billion in cash and stock -- the second sale of an AIG international unit in a week's time.
Under the terms of this agreement, AIG will sell Alico for $6.8 billion in cash and the remainder in MetLife equity. This gives AIG a stake of more than 20 percent in MetLife, making the insurer the second largest shareholder.
Finally, this move likely comes as part of AIG's efforts to repay the nearly $132 billion borrowed from the government in 2008 to avoid collapse.
Under the terms of this agreement, AIG will sell Alico for $6.8 billion in cash and the remainder in MetLife equity. This gives AIG a stake of more than 20 percent in MetLife, making the insurer the second largest shareholder.
Finally, this move likely comes as part of AIG's efforts to repay the nearly $132 billion borrowed from the government in 2008 to avoid collapse.
