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AIG To Sell $510M Blackstone Stake
AIG is seeking to sell its $510 million stake in Blackstone Group.
AIG is seeking to sell its $510 million stake in Blackstone Group, Bloomberg reports. The U.S. insurer has already informed the New York-based asset manager that it will convert 35.7 million Blackstone partnership units into common shares.
The shares represent an 11.7% stake in Blackstone, adds The Wall Street Journal. AIG first invested in Blackstone in July 1998, when it acquired a 7% stake in the buyout firm for $150 million.
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