American International Group Inc (AIG) announced on Friday that it will sell another 35 million shares of its holdings of Corebridge Financial Inc but will remain a majority owner of the retirement services company.
The sale, which represents about 5.6% of Corebridge Financial’s shares outstanding, would be valued at about $736 million as of Thursday’s closing price of $21.03.
All of the net proceeds from the offering will go to AIG.
AIG’s stock sale comes less than a month after the company sold 50 million shares of Corebridge to raise $1.03 billion.
Before today’s announcement, AIG owned about 365.4 million Corebridge shares.
Corebridge Financial, formerly AIG Life & Retirement, was spun off from AIG via an IPO in 2022.
Shares of American International Group closed 1.5% higher at $65.81 on Thursday while Corebridge Financial shares rose 0.9% to $21.03.
Contact Sean at sean@proactiveinvestors.com