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Chinese Group Buys 80% of AIG Plane Unit for $4.2 Billion

A Chinese group agreed to buy 80.1 percent of American International Group Inc.’s plane-leasing unit for $4.23 billion in the nation’s largest acquisition of a U.S. company.

The International Lease Finance Corp. acquirers, led by New China Trust Co. Chairman Weng Xianding, have an option to buy another 9.9 percent, New York-based AIG said today in a statement. The transaction, which values ILFC at $5.3 billion, passes China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP in 2007 as the biggest Chinese-U.S. deal.