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.