AIG to sell remaining stake in AerCap for $500m

US insurer American International Group (AIG) has unveiled plans to divest its remaining stake in aircraft leasing company AerCap.

AIG will receive net cash proceeds of approximately $500 million after it sells 10,677,702 ordinary shares through an underwritten public offering.

Peter Hancock, president and chief executive officer of AIG, said: “The sale of our remaining ordinary shares of AerCap marks a further step in our efforts to enhance intrinsic value.

“It adds to AIG’s financial flexibility and provides us with an opportunity to maximise shareholder value – whether through continued balance sheet optimisation and capital management, organic growth investment, or inorganic acquisitions that help us meet our customers’ needs.”