AIG Completes Sale Of Int'l Lease Finance Corp. To AerCap Holdings - Quick Facts

(RTTNews) - American International Group, Inc. (AIG) Wednesday said it has completed sale of International Lease Finance Corp. to AerCap Holdings N.V. (AER) in exchange for consideration of $3.0 billion of cash and 97,560,976 newly issued AerCap common shares.

The transaction allows the company to focus on maintaining strong growth and profitability in its insurance operating businesses.

"The aircraft leasing business is not core to our insurance operations, and for this reason we agreed to sell ILFC, " said Robert Benmosche, President and CEO of AIG.

The total value of the consideration is approximately $7.6 billion based on AerCap's closing price per share of $47.01 on May 13.

The AerCap common shares received by AIG represent an approximately 46 percent stake in AerCap and are subject to transfer restrictions as set forth in the Stockholders' Agreement and Registration Rights Agreement between AIG and AerCap.

Net cash proceeds to AIG were approximately $2.4 billion after the settlement of intercompany loans, and are available for general corporate purposes.