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Chinese Group Buys 80% of AIG Plane Unit for $4.2 Billion
Posted By admin On December 10, 2012 @ 6:40 am In Money Watch | Comments Disabled
Zachary Tracer & Cathy Chan
December 10, 2012
The International Lease Finance Corp. acquirers, led by New China  Trust Co. Chairman Weng Xianding, have an option to buy another 9.9 percent, New York-based AIG said today in a statement. The transaction, which values ILFC at $5.3 billion, passes China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP (BX)  in 2007 as the biggest Chinese-U.S. deal.
The acquisition gives the group control of the world’s second-largest aircraft lessor as rising travel in China and Asia  spurs demand for planes. AIG, which counts the U.S. government as its largest investor, is selling the Los Angeles- based unit as Chief Executive Officer Robert Benmosche  focuses on insurance operations and works to reduce debt.
“This ILFC deal squarely places the leasing business where future growth will be,” said Will Horton, a Hong Kong-based analyst at CAPA Centre for Aviation. “There are large opportunities in China, but also in countries like Indonesia  andMalaysia .”
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URLs in this post:
 Bloomberg: http://www.bloomberg.com/news/2012-12-10/chinese-investors-buy-80-of-aig-plane-unit-for-4-23-billion.html
 American International Group Inc. (AIG): http://www.bloomberg.com/quote/AIG:US
 plane-leasing unit: http://www.bloomberg.com/quote/0067543Q:US
 China: http://topics.bloomberg.com/china/
 Blackstone Group LP (BX): http://www.bloomberg.com/quote/BX:US
 Asia: http://topics.bloomberg.com/asia/
 Robert Benmosche: http://topics.bloomberg.com/robert-benmosche/
 Indonesia: http://topics.bloomberg.com/indonesia/
 Malaysia: http://topics.bloomberg.com/malaysia/
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