Debevoise advises AIG in the $6 billion sell-down of its controlling stake in AIA Group Limited
March 9, 2012
Debevoise & Plimpton LLP advised American International Group, Inc. (AIG) in connection with its recent placing to certain institutional investors of 1,720,000,000 shares of AIA Group Limited (AIA), the Hong Kong-listed life insurance group. The gross proceeds of the placing were approximately US$6 billion.
AIG plans to use the net proceeds from the placing of AIA shares to reduce the balance due to the U.S. Department of the Treasury (Treasury) on Treasury’s preferred equity interest in the special purpose vehicle through which AIG holds the AIA ordinary shares.
The Debevoise team was led by partners E. Drew Dutton in Hong Kong and Peter J. Loughran in New York and includes partners Ethan T. James, Burt Rosen and Seth L. Rosen, and associates Brian McKenna, Danielle de Zorzi, Andrew Jamieson and Robert A.Williams, Jr.
Debevoise has been advising AIG and AIA since the autumn of 2008 in various restructurings and transactions in connection with AIG's plans to pay down its loans from the U.S. federal government. The firm's mandates also included the reorganization and spin off of AIA from AIG, and AIA's $20.5 billion IPO and listing on the Hong Kong Stock Exchange.
AIG is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutions and individual customers through one of the most extensive worldwide property casualty networks of any insurer.
AIA is one of the largest life insurance groups in the world with a market cap of over $45 billion. AIA has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific – Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau and Brunei and a 26 per cent joint venture shareholding in India.