Simpson Thacher Represents Evercore as Financial Advisor to AIG in Its Announced Sale of Ascot
09.21.16
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Simpson Thacher represented Evercore Group L.L.C. as financial advisor to American International Group, Inc. (NYSE: AIG) in connection with its announced sale of its interest in Ascot Underwriting Holdings Ltd. and its related syndicate-funding subsidiary to Canada Pension Plan Investment Board, a professional investment management organization that invests the assets of the Canada Pension Plan. Total consideration for the deal is $1.1 billion, and AIG will receive approximately $240 million in net cash proceeds from the transaction. The closing of the transaction is subject to certain customary closing conditions, including regulatory approvals.
AIG is a leading global insurance organization. Founded in 1919, today it provides a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions.
The Simpson Thacher team included Patrick Naughton, Nishal Ramphal and Pablo Richards (M&A).