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China goes shopping for U.S. business

Investors buy 80% of AIG plane unit for $4.23 Billion

(BLOOMBERG) — A group of Chinese investors agreed to buy an 80.1 percent stake in the plane-leasing unit of American International Group Inc. (AIG) for $4.23 billion, the largest ever Chinese acquisition in the U.S.

The investors in International Lease Finance Corp. include New China Trust Co., China Aviation Industrial Fund and P3 Investments Ltd., New York-based AIG said today in a statement. The buyers have an option to take an additional 9.9 percent stake, according to the statement.

ILFC is the largest aircraft lessor in China, with a 30 percent market share and more than 175 aircraft leased to 16 airlines in the Greater China region, according to the company. AIG, the insurer that counts the U.S. government as its largest investor, is selling the Los Angeles-based business as Chief Executive Officer Robert Benmosche focuses on insurance operations and works to reduce debt.

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