By Stephen Nakrosis
Shares of American International Group Inc. and Blackstone Group Inc. are both trading higher in Wednesday's after-hours session, following news of a deal that will see Blackstone manage some of AIG's life and retirement assets.
The deal will see Blackstone acquire a 9.9% equity stake in AIG's Life & Retirement business in a $2.2 billion all-cash transaction, the companies said.
AIG will also sell some affordable housing assets to Blackstone Real Estate Income Trust Inc. for $5.1 billion, the companies said.
At 5:41 p.m. ET, shares of AIG were trading 5.93% higher, at $49.16. Volume at the time topped 447,000 shares.
The company's stock finished the day's regular session with a 0.68% loss, closing at $46.41.
After the bell, shares of Blackstone Group had gained 2.89% at 5:49 p.m. ET, to trade at $101.50 each. Volume at the time topped 266,000 shares.
Blackstone shares finished the regular session on Wednesday with a 1.18% loss, closing at $98.65.
-Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires
July 14, 2021 18:10 ET (22:10 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.