American International Group (AIG) has reached a significant agreement to sell approximately 120 million shares of Corebridge Financial, Inc. common stock to Nippon Life Insurance Company (Nippon Life). The transaction is valued at $31.47 per share, totaling an impressive $3.8 billion. This deal sees Nippon Life acquiring a 20% stake in Corebridge at the time of signing, while AIG retains a 9.9% ownership for at least two years post-closing.

Strategic Implications of the Deal

The partnership between AIG and Nippon Life is marked by mutual respect and strategic alignment. Peter Zaffino, Chairman and CEO of AIG, praised Nippon Life’s leadership in the Japanese insurance market and their global corporate reputation. “We are pleased to have Nippon Life become a strategic partner to Corebridge and believe that they will add meaningful value as an investor,” Zaffino commented, expressing admiration for Nippon Life’s President Shimizu’s visionary leadership.

Legal and Financial Advisors

In navigating this substantial transaction, AIG was advised legally by Wachtell, Lipton, Rosen & Katz and financially by J.P. Morgan Securities LLC, ensuring that all aspects of the deal were meticulously managed. The sale is projected to close by the first quarter of 2025, subject to customary closing conditions and regulatory approvals.

This transaction not only reshapes the ownership structure of Corebridge but also underscores the vibrant dynamics of international financial collaborations in the insurance sector. The strategic sale is poised to foster further growth and development for both AIG and Corebridge under the aegis of Nippon Life.

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