Financial Services Industry
Industry: Email Alert RSS FeedAIG, Blackstone Announce $1.35B Investment Pact.(American International Group Inc. and the Blackstone Group)
National Underwriter Property & Casualty-Risk & Benefits Management, August, 1998 by Lonkevich, Dan
American International Group Inc. and the Blackstone Group, a New York-based merchant bank, have announced the initiation of a long-term investment agreement valued at $1.35 billion. The agreement calls for AIG to invest $150 million for a 7 percent stake in the Blackstone Group and its affiliated companies.
In addition, AIG also has agreed to invest over a number of years an estimated $1.2 billion as a limited partner in future private equity, real estate and other funds the Blackstone Group sponsors. The companies said the formalization of this relationship comes after years of close cooperation between the two. Indeed, AIG Chairman M.R. Greenberg has served as an advisory director of the Blackstone Group since the merchant bank first set up an advisory board in...
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