American International Group, Inc. (AIG) announced on Thursday the sale of approximately 20% of its Corebridge common stock to Nippon Life Insurance Co. for a total of $3.8 billion. This transaction involves around 120 million shares of Corebridge stock, priced at $31.47 per share.
The deal is anticipated to be finalized by the first quarter of 2025, pending the fulfillment of customary closing conditions, including necessary regulatory approvals. As part of the agreement, AIG will retain a 9.9% ownership stake in Corebridge for two years post-closing.
AIG Chairman and CEO Peter Zaffino stated, "Nippon Life is renowned within the financial services sector for its leadership in the Japanese insurance market and is globally recognized for its robust performance and corporate reputation. We are excited to welcome Nippon Life as a strategic partner to Corebridge and believe their involvement will significantly enhance Corebridge's value."
Legal counsel for AIG in this deal was provided by Wachtell, Lipton, Rosen & Katz, while J.P. Morgan Securities LLC served as the financial advisor.
