Financial Advisors to AIG in $15.5 Billion Sale of ALICO to MetLife

Cleary Gottlieb is representing Citigroup and Goldman Sachs, as financial advisors to AIG, in the sale of AIG’s international life insurance subsidiary, American Life Insurance Company (known as “ALICO”), to MetLife. The transaction is valued at approximately $15.5 billion, including $6.8 billion in cash and the remainder in equity securities of MetLife. AIG has announced that the cash portion of the proceeds from this sale will be used to reduce the liquidation preference of the Federal Reserve Bank of New York in the special purpose vehicle formed by AIG and the FRBNY to hold ALICO. The deal was announced on March 8.