AIG Reaches Deal To Sell 120M Shares Of Its Corebridge Common Stock To Nippon Life Insurance For $31.47 Per Share, For Aggregate Purchase Price Of $3.8B
Portfolio Pulse from Benzinga Newsdesk
AIG has agreed to sell 120 million shares of its Corebridge common stock to Nippon Life Insurance for $31.47 per share, totaling $3.8 billion. The shares represent 20% of Corebridge's outstanding shares. AIG will retain a 9.9% stake in Corebridge for two years post-closing, expected by Q1 2025, pending regulatory approvals.
May 16, 2024 | 10:20 am
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AIG is selling 120 million shares of Corebridge to Nippon Life Insurance for $3.8 billion, representing 20% of Corebridge's outstanding shares. AIG will retain a 9.9% stake for two years post-closing, expected by Q1 2025.
The sale will provide AIG with significant liquidity, potentially boosting its financial position. Retaining a 9.9% stake shows continued interest in Corebridge's future performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Corebridge's parent company AIG is selling 120 million shares to Nippon Life Insurance, representing 20% of Corebridge's outstanding shares. AIG will retain a 9.9% stake for two years post-closing, expected by Q1 2025.
The transaction could positively impact Corebridge by bringing in a significant investor like Nippon Life, potentially enhancing its market perception and stability.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80