AIG Dumps $500M Blackstone Stake

Law360, New York (March 02, 2012, 7:49 PM ET) -- American International Group Inc. has sold its entire $500 million stake in private equity giant Blackstone Group LP in an effort to generate capital from noncore assets, according to news reports Friday.

The bailed-out insurer, majority owned by the U.S. government, divested itself of the Blackstone shares before the market opened Friday, an unnamed source told the Wall Street Journal.

AIG's Blackstone investment dates back to July 1998, when the company committed $1.35 billion to the private equity firm. In connection with the agreement, AIG paid...
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