This post was originally published on this site
Shares of AIG rose about 5.3% to $48.85 in extended trading.
Blackstone Real Estate Income Trust will also acquire some of AIG’s affordable housing assets for $5.1 billion, the companies said.
AIG will enter a long-term asset management relationship with Blackstone to manage $50 billion of life and retirement’s investment portfolio, with that amount increasing to $92.5 billion over the next six years.
“(The deal) provides AIG with flexibility as we continue to work to separate Life & Retirement from AIG, and results in significant new capital for AIG to deploy to support our capital management priorities,” Chief Executive Officer Peter Zaffino said.
