Debevoise, Simpson Guide $5B AIG-Prudential Deal

Law360, New York (September 30, 2010, 1:10 PM EDT) -- American International Group Inc. will sell its Japan-based life insurance subsidiaries to Prudential Financial Inc. for $4.8 billion, marking the latest step in the insurance giant’s quest to repay the U.S. government for a more than $180 billion bailout in 2008 that prevented it from capsizing.

The sale of AIG Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Co. comprises $4.2 billion in cash and $600 million in the assumption of third-party debt, AIG said in a statement Wednesday.

AIG CEO Robert Benmosche said...
To view the full article, register now.