Chinese to take stake in AIG aircraft leasing

Sale to be concluded in second quarter of 2013

80.1 per cent stake aircraft leasing business American International Group China Aviation Industrial Fund International Lease Finance Corp New China Trust P3 Investments

American International Group (AIG) will be selling 80.1 per cent stake in its aircraft leasing business to a consortium of Chinese financial service firms — New China Trust, China Aviation Industrial Fund and P3 Investments — for $4.23 bn in cash. AIG will be selling all or part of the International Lease Finance Corp (ILFC) unit, internationally the second-largest jet-leasing company by assets. ILFC has a fleet of more than 1,000 jets rented to almost 200 airlines. In addition it has an $18 billion order book.

The sale of ILFC to the Chinese consortium will be completed in the second quarter of 2013.