Weil Counsels AIG In ALICO Sale

Monday, April 5, 2010 - 00:00

Weil, Gotshal & Manges LLPis advising American International Group (AIG) in the sale of American Life Insurance Company (ALICO), one of the world's largest and most diversified international life insurance companies, to Metropolitan Life Insurance Co. (MetLife) for about $15.5 billion.

Under the terms of the agreement, the $15.5 billion will consist of $6.8 billion in cash and $8.7 billion in common stock, contingent convertible preferred stock and equity units. Approximately $9 billion of the proceeds will be used to reduce the liquidation preference of the Federal Reserve Bank of New York (FRBNY) in the special purpose vehicle formed by AIG and the FRBNY to hold the interests in ALICO.

Weil is co-counsel to AIG with Sullivan and Cromwell.

The Weil team is led by partners Michael Aiello (corporate/ M&A), Matthew Gilroy (corporate/ M&A), Akiko Mikumo (corporate/ M&A) and Mark Hoenig (tax), with corporate associates Ronald Victor and Yossie Horwitz and tax associate Chayim Neubort. The attorneys are based in the firm's New York and Hong Kong offices.