AIG Financial Products Corp. Completes Sale Of Commodity Index Business
NEW YORK - AIG Financial Products Corp. (AIG-FP), an AIG company (AIG), reported today that it has completed the sale of its commodity index business to the Equities business of UBS Investment Bank, including AIG’s rights to the DJ-AIG Commodity Index. The purchase price for the transaction is $15 million, payable upon closing, plus additional payments of up to $135 million over the following 18 months based on future earnings of the purchased business. Approximately 13 AIG-FP employees involved with the commodity index business are joining UBS Investment Bank in connection with the sale.
“With this sale, AIG has realized value from the sale of a profitable business unit of AIGFP in connection with the ongoing unwind of AIG-FP’s businesses and portfolios,” said Gerry Pasciucco, AIG-FP Chief Operating Officer. As previously disclosed, AIG-FP began the process of unwinding its businesses and portfolios late last year.
American International Group, Inc. (“AIG”), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
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