Global insurer American International Group, Inc. (AIG) has closed its previously announced sale of approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company.
The selling price of the stock, as previously reported, was decided at $31.47 per share, for an aggregate purchase price of $3.8 billion.
These shares represent 20% of the outstanding shares of Corebridge at signing.
As per earlier reports of the transaction, AIG has agreed to maintain a 9.9% ownership stake in Corebridge for two years after the closing of the sale.
Wachtell, Lipton, Rosen & Katz acted as legal counsel and J.P. Morgan Securities LLC acted as financial advisor for AIG.
In June, AIG met all the requirements for the deconsolidation of its life & retirement unit, Corebridge Financial, for accounting purposes.
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