AIG, the stricken US insurer, has sold its 50% stake in London City airport, as it embarks on a disposal of assets in an effort to repay the $85bn (£47.3bn) US government rescue loan.
After paying £375m for half the airport two years ago, the stricken firm sells to its partner for an estimated £250m
It is considering selling more than 15 businesses, including ILFC, its aircraft leasing unit, a stake in a large US reinsurer and billions of dollars in properties. Edward Liddy, AIG chief executive, is expected to announce later this week what other assets could be for sale.
Global Infrastructure Partners, its partner in the purchase of London City airport two years ago, said it had agreed to acquire AIGFinancial Products’ stake giving it 100% control of the airport. It said the deal was expected to close later this month. No financial details were disclosed.
Financial Times, The Times