Deals and IPOs

AIG selling aircraft leasing unit in $5.4 billion deal

Scott Eelis | Bloomberg | Getty Images

American International Group is selling aircraft leasing business International Lease Finance Corp. to AerCap Holdings in a cash-and-stock deal valued at approximately $5.4 billion.

The transaction includes $3 billion in cash and about 97.6 million shares of AerCap.

AIG said Monday that this is the last major sale of one of its non-core assets.

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The insurer initially had a deal to sell up to 90 percent of International Lease Finance's stock to Jumbo Acquisition, but ended that agreement before striking its deal with AerCap.

The transaction is expected to close in 2014's second quarter. It still needs approval from AerCap shareholders.

AIG share rose 42 cents to $50.15 in pre-market trading. (Click here for the latest quote.)

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By The Associated Press