AIG agrees to sell stake in London City Airport
American International Group, the insurer saved from collapse by an emergency US$85 bn loan from the U.S. government, has reached a deal to sell its 50 per cent stake in London City Airport to its partner, an airport spokeswoman said Tuesday.
By Agencies |
LONDON: American International Group, the insurer saved from collapse by an emergency US$85 bn loan from the U.S. government, has reached a deal to sell its 50 percent stake in London City Airport to its partner, an airport spokeswoman said Tuesday.
AIG will sell half the airport to private equity fund Global Infrastructure Partners, the group that already owns the other half of the airport, for an undisclosed amount, spokeswoman Rupa Haria said.
The two companies have jointly owned London City Airport since 2006. When the deal goes through in October, it will leave GIP as the airport's sole owner.
AIG is selling businesses to repay the government's US $ 85 bn loan.
AIG will sell half the airport to private equity fund Global Infrastructure Partners, the group that already owns the other half of the airport, for an undisclosed amount, spokeswoman Rupa Haria said.
The two companies have jointly owned London City Airport since 2006. When the deal goes through in October, it will leave GIP as the airport's sole owner.
AIG is selling businesses to repay the government's US $ 85 bn loan.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
