American International Group Inc. (NYSE:AIG) asset sales have been coming fast and furious since the insurer began to teeter in 2008. As this
Dealwatch shows, the sales began with the December divestiture of AIG Private Bank Ltd. of Zurich to Aabar Investments PJSC for $336 million and have continued at pace through Tuesday's deal to sell AIG Credit Corp. and A.I. Credit Consumer Discount Co. to First Insurance Funding Corp. for $679.5 million in cash.
Most of the buyers have been finance and insurance firms, but as another deal announced Tuesday illustrates, smaller firms are dipping into the asset grab bag as well. In this case, it's Japanese wind energy provider Sumitomo Corp.,which has acquired
a 42.5% share in Stanton Wind Energy LLC from AIG Financial Products Corp. The deal gives Sumitomo, now called Sumitomo Corp. of America, a presence in the U.S. and aligns it with GE Energy Financial Services and Invenergy Wind LLC, which co-own the remaining stake.
The Nebraska energy company Tenaska Inc. is another firm outside the world of finance and insurance that's done some AIG shopping. The company in December
repurchased a 50% stake held by AIG-FP in a joint venture in 2007 to market natural gas assets.
- Suzanne Stevens
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