CNBC’s “Squawk on the Street” team discusses Blackstone entering a deal to manage AIG’s insurance and housing assets. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
AIG shares surged 5% in premarket trading after it announced a deal to sell a 9.9% stake in its life insurance and retirement services unit to Blackstone (BX) for $2.2 billion. The deal also calls for Blackstone to manage an initial $50 billion in assets backing AIG’s life insurance policies and annuities, increasing to about $100 billion over the next six years.
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