AIG Finalizes $3.8 Billion Sale of Corebridge Shares to Nippon Life

American International Group, Inc. (AIG) has completed a significant transaction, selling approximately 120 million shares of Corebridge Financial’s common stock to Nippon Life Insurance Company. This resounding deal, valued at $3.8 billion with each share priced at $31.47, reflects AIG’s continuing efforts to strategically restructure and refine its business model. This sale represents a considerable divestment for AIG, as it offloads 20% of Corebridge’s outstanding shares while still retaining a 9.9% stake in the company for at least two years following the sale. The legal intricacies of this noteworthy transaction were managed by Wachtell, Lipton, Rosen & Katz, while J.P. Morgan Securities LLC provided crucial financial advice. Furthermore, AIG’s previous strategic moves also included the successful deconsolidation of its life and retirement unit, Corebridge Financial, for accounting purposes in June. These calculated steps underscore AIG’s commitment to financial restructuring and alignment with its long-term goals.