|AIG CAPITAL PARTNERS ANNOUNCES THE SALE OF ITS STAKE IN IBS|
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NEW YORK--Dec. 8, 2005--AIG Capital Partners, Inc. announced today it has completed the sale of AIG-Brunswick Millennium Fund's stake in IBS Group Holding Limited ("IBS") and received gross proceeds of $84 million. The sale was managed by Troika Dialog and the stake was sold to a number of institutional investors.
Founded in 1992, IBS is one of the leading providers of IT services and products in Russia. IBS' main activities include IT services, offshore programming, hardware manufacturing and direct sales, and hardware distribution. IBS' clients include many leading international and Russian companies.
"We are pleased with the performance of IBS, a leading IT services company in Russia," said David Yeung, President and CEO, AIG Capital Partners. "Consistent with our strategy, we invested in a leading company with a very capable management team. Ivan Rodionov, Managing Director of AIG Brunswick Capital Management and Marc Kasher, a Vice President at AIG Capital Partners, were primarily responsible for the transaction and the relationship, and we wish IBS continued success."
AIG Capital Partners, Inc., a member company of AIG Global Investment Group and a wholly owned subsidiary of American International Group, Inc. (AIG), is a leading private equity investor in emerging markets. With 67 investment professionals in 16 offices worldwide, AIG Capital Partners and its affiliates manage assets in excess of $3 billion.
AIG Global Investment Group (AIGGIG) comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. The member companies of AIGGIG are subsidiaries of American International Group, Inc. (AIG).
American International Group, Inc. (AIG), world leaders 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 in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.