December 10, 2012
AIG to sell up to 90% of International Lease Finance Corporation (ILFC)
American International Group, Inc. (AIG) and an investor group led by Mr. Weng Xianding, the Chairman of New China Trust Co. Ltd., announced that they have entered into an agreement under which AIG will sell up to a 90% stake in International Lease Finance Corporation (ILFC), a non-core asset, to the investor group in a transaction that values ILFC at approximately US$5.28bn. The investor group comprised of New China Trust Co., China Aviation Industrial Fund and P3 Investments, has agreed to acquire 80.1% of ILFC for approximately US$4.23bn, with an option to acquire an additional 9.9% stake. Upon receipt of required Chinese regulatory approvals and exercise of the option, the investor group is expected to be expanded to include New China Life Insurance Co. and an investment arm of ICBC International. The transaction, which is expected to close in the second quarter of 2013, marks another success in the disposition of AIG’s non-core assets. At closing of the transaction, AIG will retain at least a 10% ownership stake in ILFC, allowing it to continue to participate in the growth of ILFC’s unique franchise, including the benefits that the investor group will bring to the company.