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AIG Completes Sale of Commodity Index Business for $15M

Posted on 07 May 2009

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AIG Financial Products Corp., a unit of American International Group Inc., today said it completed the sale of its commodity index business to the Equities business of UBS Investment Bank.

The transaction, which closed on Wednesday, includes AIG's rights to the Dow Jones-AIG Commodity Index.

Under terms of the agreement, UBS paid $15 million and will pay up to $135 million over the next 18 months based on future earnings of the purchased business.

The deal, which was announced in January, is part of the New York-based insurance giant's restructuring plans. It is the 10th transaction AIG has closed and one of 11 asset sale agreements it has reached in the past few months.