AIG agrees to sell 20% of Corebridge to Nippon Life for $3.8B cash

AMERICAN INTERNATIONAL GROUP, INC.

Sale of 121,956,256 Corebridge shares at $31.47 per share for aggregate $3.838B in cash.
Transaction represents 20% of outstanding Corebridge common stock at signing.
Expected to close by Q1 2025, subject to regulatory approvals and customary conditions.
AIG will maintain a 9.9% ownership stake in Corebridge for two years after closing.
Nippon Life becomes a strategic partner; AIG amends separation agreement regarding board director rights.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN INTERNATIONAL GROUP, INC. entered into Purchase Agreement with Nippon Life Insurance Company, Corebridge Financial, Inc. valued at $3,838,012,158.82 in cash (effective 2024-05-16).

Action: entry
Agreement: equity purchase
Counterparty: Nippon Life Insurance Company, Corebridge Financial, Inc.
Value: $3,838,012,158.82 in cash
Effective: 2024-05-16

Exact text from the filing

On May 16, 2024, American International Group, Inc., a Delaware corporation (the “ Company ”), entered into a stock purchase agreement (the “ Purchase Agreement ”) with Nippon Life Insurance Company, a mutual company ( sougogaisha ) organized under the laws of Japan (“ Nippon ”), and Corebridge Financial, Inc., a Delaware corporation (“ Corebridge ”), pursuant to which, and upon the terms and subject to the conditions set forth therein, the Company agreed to sell 121,956,256 shares of Corebridge common stock, representing approximately 20% of the issued and outstanding Corebridge common stock at signing, to Nippon for aggregate consideration of $3,838,012,158.82 in cash (the “ Transaction ”).

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Source: SEC EDGAR

accession 0001104659-24-062171

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