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Insurance giant AIG (NYSE: AIG ) is currently in talks to sell a 90% stake in its subsidiary International Lease Finance Corporation, the company confirmed in an official statement. The counterparty is a consortium of Chinese firms, including New China Trust and China Aviation Industrial Fund.
ILFC is an aircraft leasing unit and, as such, is not considered a core asset by AIG. The company has been mulling a divestment of the unit for some time.
In its statement, AIG did not disclose a possible price for the stake. A Reuters article quoted the company as saying the sale would be for about $5.5 billion. If an agreement is reached, the sale would be subject to regulatory approval by the relevant authorities in the US and China.