Corebridge Financial Plans $150M Share Repurchase From AIG And Blackstone
Portfolio Pulse from Benzinga Newsdesk
Corebridge Financial (CRBG) intends to repurchase $150 million of its shares, with $135 million from AIG and $15 million from Blackstone. The transaction is set to close on December 18, 2023, pending customary closing conditions.
December 14, 2023 | 11:29 pm
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NEUTRAL IMPACT
AIG is set to sell approximately $135 million of Corebridge Financial shares back to the company, which could provide AIG with liquidity but may also indicate a reduction in its investment position.
The sale of shares by AIG could be seen as a way to liquidate part of its investment for other uses, which is generally neutral. However, the market may interpret this as a change in AIG's investment strategy regarding Corebridge Financial.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Blackstone will sell approximately $15 million of Corebridge Financial shares as part of the repurchase plan, which could have a minor impact on Blackstone's investment portfolio.
Blackstone's sale of $15 million worth of Corebridge Financial shares is relatively small compared to its overall investment activities, and thus likely to have a limited impact on its stock price or investment strategy.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Corebridge Financial plans to repurchase $150 million of its shares, which may positively impact its stock price due to the reduction in outstanding shares and potential increase in earnings per share.
Share repurchases often lead to a positive market reaction as they can indicate management's confidence in the company's financial health and future prospects. It also reduces the number of outstanding shares, potentially increasing the earnings per share.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100