Shares of Corebridge (CRBG) are up 11% in premarket trading after AIG (AIG) announced that it has reached an agreement to sell approximately 120M shares of its Corebridge common stock to Nippon Life Insurance for $31.47 per share, for an aggregate purchase price of $3.8B. Under the terms of the transaction, AIG said it has agreed to maintain a 9.9% ownership stake in Corebridge for two years after the closing. This sale is expected to close by the first quarter of 2025, subject to satisfaction of customary closing conditions, including required regulatory approvals, AIG said earlier.
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