NEW YORK--May. 7, 2009--
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.
American International Group, Inc.
Teri Watson, 212-770-7074