In a release, the company noted that the investor group comprised of
The transaction, which is expected to close in the second quarter of 2013, marks another success in the disposition of AIG's non-core assets. At closing of the transaction, AIG will retain at least a 10% ownership stake in ILFC, allowing it to continue to participate in the growth of ILFC's franchise, including the benefits that the investor group will bring to the company.
"This transaction creates a solid and strategic partnership for ILFC," said
The transaction is subject to required regulatory approvals, including all applicable U.S. and Chinese regulatory reviews and approvals, and other customary closing conditions. When the transaction meets the criteria for "held for sale" accounting treatment, AIG expects to record a non-operating loss of approximately
Weng Xianding, Chairman of
Under the new owners, ILFC will retain operational independence and continue to be headquartered in
Upon closing, a new Board of Directors for ILFC will be appointed, including Benmosche from AIG. The balance of the Board will be comprised of representatives of the investor group. The Board will continue to uphold "best practice" governance standards and practices.
"This is an exciting new chapter for ILFC that will position the company for robust future growth,"