WASHINGTON -- American International Group announced it is selling a majority stake in its Century City aircraft leasing company to Chinese investors as the insurance giant continued to shed non-essential assets to help pay off its government bailout money.
AIG has been trying to sell International Lease Finance Corp. since the 2008 financial crisis. The firm owns or manages more than 1,000 aircraft, which it rents to nearly every major airline worldwide.
The aircraft leasing company's headquarters will remain in Los Angeles, according to AIG and the investor group led by Weng Xianding, chairman of New China Trust Co. They announced the sale late on Sunday.
The Chinese investors, which also include China Aviation Industrial Fund and P3 Investments, have agreed to buy 80.1% of the company, known as ILFC, for about $4.23 billion. They have an option to acquire an additional 9.9% stake.