AIG Sells Index Business to UBS
AIG sold its commodity index business to UBS the companies announced Thursday.
American International Group
(AIG) - Get American International Group, Inc. Report
sold its commodity index business to
UBS
(UBS) - Get UBS Group AG Report
the companies announced Thursday.
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The business consists of a range of securities derived from the Dow Jones-AIG Commodity Index.
The Swiss bank will pay $15 million for the unit, with additional payments of up to $135 million over the next 18 months, depending on its performance.
AIG has been selling off many of its businesses to repay the tens of billions of dollars it has borrowed from the federal government.
Separately,
The Wall Street Journal
reported Thursday that AIG will announce a $5 billion first quarter loss Thursday afternoon, citing unidentified sources.
