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American International Group Inc. plans to sell its remaining stake in AerCap Holdings N.V. for about $500 million, AIG announced Tuesday after close of markets.
AIG would not own any ordinary share of AerCap after the sale of the nearly 10.7 million shares of AerCap, which is slated for Aug. 24.
AIG sold about 86.9 million share of AerCap, a Schiphol, Netherlands-based aircraft leasing company, in a June transactionworth about $3.4 billion. It received the AerCap shares in a $7.6 billion cash and stock deal in which it sold its International Lease Finance Corp. unit to AerCap in May 2014, which gave AIG a 46% stake in the Dutch company.
AIG has followed a strategy of exiting noncore businesses to concentrate on its property/casualty and life insurance operations since it received more than $180 billion in federal assistance starting in 2008 after its near-collapse.
“The sale of our remaining ordinary shares of AerCap marks a further step in our efforts to enhance intrinsic value,” said AIG President and CEO Peter D. Hancock in a statement announcing the sale of the remaining AerCap stake. “It adds to AIG’s financial flexibility and provides us with an opportunity to maximize shareholder value — whether through continued balance sheet optimization and capital management, organic growth investment, or inorganic acquisitions that help us meet our customers’ needs.”
(Reuters) — Insurer American International Group Inc. reported a 5.6% jump in quarterly operating profit, driven by investments in one of China's biggest insurers and earnings from aircraft leasing company AerCap.