Pacific Century To Pay $500M For AIG Assets

Law360, New York (September 8, 2009, 3:40 PM EDT) -- American International Group Inc. has decided to sell a part of its asset management business to Hong Kong private equity firm Pacific Century Group for an estimated $500 million.

The deal, which is still subject to regulatory approval, calls for a cash payment of about $300 million at closing, plus future payments based on a performance note and a continuing share of carried interest, AIG said on Saturday.

AIG has been working to sell assets to pay what it owes the federal government from its $182.5...
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