American International Group Inc. says it will sell as much as 90% of its International Lease Finance Corp. to an investor group led by Weng Xianding, chairman of New China Trust Co., for about $5.28 billion.
ILFC, which leases airplanes, will remain based in Los Angeles, according to a statement from AIG.
The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments Ltd., will acquire 80.1% of ILFC for approximately $4.23 billion, with an option for an additional 9.9% stake.
AIG will keep at least 10% of the company.
The agreement needs approval from U.S. and Chinese regulatory authorities.
AIG has been selling off subsidiaries to raise money to pay back the New York company's $182-billion bailout from the government during the financial crisis.
AIG to sell majority stake in aircraft leasing firm
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AIG to sell majority stake in aircraft leasing firm
