American International Group, the insurer majority owned by the US government, sold a $500 million stake in Blackstone Group, according to a person familiar with the matter.
AIG exited the stake in a block trade before US markets opened, said the person, who declined to be identified because he isn’t permitted to speak about the transaction. AIG notified Blackstone in 2010 that it would convert 35.7 million Blackstone partnership units into common shares, which trade on the New York Stock Exchange.
AIG has sold non-US life insurers, a consumer lender, an asset manager and other businesses to help repay a 2008 government rescue that swelled to $182.3 billion.
Christine Anderson, a spokeswoman for Blackstone, declined to comment on the deal, as did an AIG spokesperson.
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