American International Group Inc. said it raised net proceeds of about $500 million selling stock of AerCap Holdings NV as the insurer completed its departure from the airplane-leasing business.
The sale of 10.7 million shares ends AIG’s stake in AerCap, the New York-based insurer said late Tuesday in a statement. The shares, which closed at $48.01 prior to the announcement, were sold at $47.60 apiece, AerCap said in a separate release.
AIG had been seeking to exit plane leasing since 2008, the year it took a U.S. bailout. It acquired the AerCap stake last year as part of the sale of International Lease Finance Corp. to the Schiphol, Netherlands-based company. AIG sold most of its AerCap stock in a June offering when shares were priced at $49.
“The sale of our remaining ordinary shares of AerCap marks a further step in our efforts to enhance intrinsic value,” AIG Chief Executive Officer Peter Hancock said in the statement. “It adds to AIG’s financial flexibility and provides us with an opportunity to maximize shareholder value.”
AIG has continued to sell assets after repaying the U.S. Citigroup Inc. and Goldman Sachs Group Inc. were hired to lead the latest offering.