AIG To Sell Rail Services Unit For $600M

Law360, New York (April 18, 2011, 8:33 PM EDT) -- American International Group Inc. said Monday it had agreed to sell its rail services unit to a division of Perella Weinberg Partners LP as part of its efforts to pay back federal bailout money.

AIG and Perella Weinberg did not disclose the terms of the deal in a joint statement, but the New York Times reported the price at $600 million. As part of the transaction, certain funds within Perella Weinberg's asset-based value strategy have formed a new entity to purchase and manage Chicago-based AIG Rail...
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