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American International Group and Blackstone said they have closed on the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed.

In announcing the deal in July, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and Blackstone said the private equity firm would pay $2.2 billion in cash for 9.9% of the unit that sells insurance and annuities,

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Plans Sale of Life Business to Blackstone and in IPO

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ has said it plans to use an initial public offering to to sell an additional 19.9% of its life and retirement business.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ is splitting off its life insurance and retirement businesses from its property/casualty operations.

Last week, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ announced several leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business.

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