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August 19, 2015 at 05:05 AM
(Bloomberg) — American International Group Inc. said it raised net proceeds of about $500 million selling stock of AerCap Holdings NV as the insurer completed its departure from the airplane-leasing business.
The sale of 10.7 million shares ends AIG’s stake in AerCap, the New York-based insurer said late Tuesday in a statement. The shares, which closed at $48.01 prior to the announcement, were sold at $47.60 apiece, AerCap said in a separate release.
AIG had been seeking to exit plane leasing since 2008, the year it took a U.S. bailout. It acquired the AerCap stake last year as part of the sale of International Lease Finance Corp. to the Schiphol, Netherlands-based company. AIG sold most of its AerCap stock in a June offering when shares were priced at $49.
