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Blackstone pays 2.2B for AIG’s life and retirement Business

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Blackstone (BX) signed a cash deal of $2.2 billion to acquire a 9.9% stake in AIG’s Life & Retirement business. The shares of both companies went up 3.7% and 7.5%, respectively.

The deal is to close in the third quarter of 2021, after customary approvals from each side’s governing bodies.

Blackstone and AIG entered a long-term relationship under which Blackstone will start managing 50B of Life and Retirement portfolio, upon closing of the deal. This amount will eventually be 92,5B over the next six years.

President of Blackstone Jon Gray will join Life and Retirement’s board of directors. Analysts say both stocks remain a strong buy, averaging different opinions.

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