AIG Plans to Sell AIA to Prudential in Life Insurance News
American International Group, Inc. (AIG), under the legal counsel of Debevoise & Plimpton LLP, announced plans to sell American International Assurance (AIA), world’s leading pan-Asian life insurance group, to Prudential plc (Prudential). The transaction, comprising of sale of all the companies of the AIA Group functioning in 15 geographical locations across Asia Pacific, is valued at almost $35.5 billion; including $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential. The agreement, in line with AIG’s restructuring plans, would enable AIG to repay the U.S. taxpayers as well as focus on the company’s core insurance business to generate revenues. The deal, contingent on regulatory sanctions, approval from Prudential shareholders, and standard closing conditions, is likely to conclude by 2010 ending.
Debevoise & Plimpton LLP, founded in 1931, is a prominent international law firm with offices located in Asia, Europe and the U.S.
AIG, the global insurance organization, provides insurance and financial services in more than 130 nations.
The AIA Group is a renowned pan-Asian life insurance organization, engaged in offering insurance and wealth management solutions to businesses and consumers.
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