Corebridge drops as AIG looks to sell down stake
Reuters
Published Jun 06, 2023 10:11AM ET
NEW YORK (Reuters) - Shares of retirement services provider Corebridge Financial fell more than 6% on Tuesday as parent American International Group Inc (NYSE:AIG) looks to sell down its controlling stake.
Insurance giant AIG will sell 65 million shares, or about 10% of its total Corebridge holding, which is valued at nearly $1.1 billion.
The share sale will reduce AIG's Corebridge stake to about 67%, with private equity firm Blackstone (NYSE:BX) Inc retaining its 9.9% holding, a regulatory filing showed on Monday.
Corebridge's shares were last trading at $16.96, down 4.1%.
Corebridge was formed in 2021 when AIG spun off its life and retirement business and sold a portion of the company to Blackstone for $2.2 billion.
AIG took Corebridge public in September last year, in a share offering that raised $1.7 billion at $21 per share.
Last month, AIG said it had postponed a secondary share sale due to heightened market volatility fueled by the banking crisis.
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Written By: Reuters
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