New York – LawFuel.com – October 13, 2009 – Debevoise & Plimpton LLP is advising American International Group, Inc. (AIG) in its agreement to sell its 97.57% share of Nan Shan Life Insurance Company, Ltd. to a consortium comprising Primus Financial Holdings Limited, the Hong Kong-based financial services firm, and China Strategic Holdings Limited, the Hong Kong Stock Exchange-listed investment company, for approximately US$2.15 billion.
The Debevoise team is led by partner John M. Vasily and counsel Michael D. Devins. The transaction was run out of the firm’s Hong Kong office.
American International Group, Inc., a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
Debevoise is advising AIG on various disposition and restructuring transactions including its agreement with the Federal Reserve Bank of New York (FRBNY) that will accomplish two key goals: reducing the debt AIG owes the FRBNY by $25 billion; and positioning two of the company’s leading international life insurance franchises, American International Assurance Company, Ltd. and American Life Insurance Company Inc., for initial public offerings, its agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, L.P. and its agreement to sell AIG Life Insurance Company of Canada to BMO Financial Group.