Prudential Buys Asian AIG Unit For $36B

Law360, New York (March 1, 2010, 3:11 PM EST) -- American International Group Inc. announced Monday that it had reached an agreement to sell Asian life insurance unit AIA Group Ltd. to Prudential PLC for $35.5 billion, a move that marks the largest transaction to date in the crippled insurance giant's restructuring.

According to a statement from AIG, Prudential has agreed to pay $25 billion in cash, $8.5 billion in face value equity and equity-linked securities and $2 billion in face value of preferred stock for AIA.

Of the $25 billion in cash, AIG said that...
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