AIG sells 20% stake in Corebridge (~122M shares) to Nippon Life for $3.84B

Corebridge Financial, Inc.

AIG sells 121,956,256 shares (≈20% of outstanding) to Nippon Life for $3,838,012,158.82 cash (~$31.47/share).
Nippon Life will receive board designation, committee rights, and a standstill under the Stockholder’s Agreement.
The transaction is conditioned on regulatory approvals, including CFIUS clearance and antitrust filings.
AIG and Nippon agree to vote for each other's board nominees; AIG’s consent rights amended via Separation Agreement Amendment.
Closing expected upon satisfaction of conditions; no financing contingency for buyer.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

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

Action: entry
Agreement: equity purchase
Counterparty: Nippon Life Insurance Company
Value: $3,838,012,158.82
Effective: 2024-05-16

Exact text from the filing

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

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Corebridge Financial, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-24-026338

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