Independent journal on economy and transport policy
10:11 GMT+1
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American International Group will sell 90% of International Lease Finance Corporation to a consortium of Chinese investor
The transaction will have a value of 4,75 billion dollars
December 10, 2012
The insurance group American International Group, Inc. (AIG) has tightened an agreement in order to yield 80.1% of the capital stock of the American society of chartering and commercialization of aircrafts International Lease Finance Corporation (ILFC), with option for an ulterior quota 9.9%, to a group of investor guided from president of the Chinese New Lowers Trust Co. Ltd., Weng Xianding, and formed from same the New Lower Trust Co., from China Aviation Industrial Fund and the P3 Investments Ltd.
The transaction - AIG has announced - assigns to ILFC a value of about 5,28 billion dollars and the quota 80.1% therefore will be yielded for about 4,23 billion dollars. After the approval of the operation by the Chinese authorities and after to have practised the option, the increase of the group of investor is previewed purchasers to the Chinese New China Life Insurance Co. Ltd. and to an investment trust of group ICBC International di Hong Kong. To AIG it will remain at least 10% of the capital stock of the ILFC.
According to the forecasts, the transaction will be concluded in according to trimester of the next year. "This transaction - it has commented the president and managing director of AIG, Robert H. Benmosche - will equip solid and strategic ILFC of a partnership. Although ILFC is a platform of extremely solid activity and AIG will maintain a minority quota which passive investor, the activity of chartering of aircrafts is not central for the insurance activities. With its completion, the transaction will have a positive impact on the liquidity and the profile of credit of AIG and will allow us to continue to focus to us on our main insurance activities".
Currently the fleet of aircrafts of managed properties or from the ILFC consists of beyond thousand airplane and the company has about 200 airlines of 80 nations as customers. Moreover ILFC has in order others 229 aircrafts with ulterior options for 50.
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The insurance group American International Group, Inc. (AIG) has tightened an agreement in order to yield 80.1% of the capital stock of the American society of chartering and commercialization of aircrafts International Lease Finance Corporation (ILFC), with option for an ulterior quota 9.9%, to a group of investor guided from president of the Chinese New Lowers Trust Co. Ltd., Weng Xianding, and formed from same the New Lower Trust Co., from China Aviation Industrial Fund and the P3 Investments Ltd.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
