American International Group, or AIG, is selling its shares of a Century City-based aircraft leasing business. The shares represent a majority stake in International Lease Finance Corp.
Purchasing the shares will be a Chinese consortium at a price of up to $4.8 billion, according to a report by Reuters, which said the deal would give China access to a network of about 200 airlines in 80 countries.
The Los Angeles Times reports AIG has been trying to sell the company since the 2008 financial crises and continues sell non-essential assets to help pay off its government bailout money.
The Chinese group will purchase 80.1 percent of the company and has the option to buy an additional 9.9 percent stake, while AIG will keep at least 10 percent, pending review by regulatory review, according to the Times, which also reported the parties have said the company headquarters will remain in Los Angeles.