AIG could be close to selling its $510 million dollar stake in private equity giant Blackstone, says Bloomberg.
The company’s stake in Steve Schwarzman’s firm began in 1998, when AIG paid $150 million for a 7% stake.
In early December, AIG told Blackstone that it’s going to convert its $35.7 million partnership units into common shares, ostensibly so they can be traded on the NYSE.
The insurance behemoth is currently divesting of a whole host of assets to try and repay the billions of dollars in aid it received from the federal government, so its possibly upcoming Blackstone sale probably doesn’t say anything in particular about Blackstone.
In fact, AIG already sold two huge assets of its own, its two biggest overseas life-insurance divisions, earning $36.7 billion in the process.
Neither AIG or Blackstone would comment.