Corebridge Financial announced that American International Group, Inc. (AIG) priced a secondary offering of Corebridge common stock at $31.20 per share. AIG, as the selling stockholder, offered 30 million existing shares of common stock, which corresponds to approximately $936 million in gross proceeds. The offering is expected to close on November 12, 2024, subject to customary closing conditions.
AIG also granted the underwriters a 30-day option to purchase up to an additional 4.5 million shares of Corebridge common stock. All net proceeds from this offering will go directly to AIG, as Corebridge Financial is not selling any shares in this transaction. The last reported per share sale price of Corebridge Financial common stock on November 6, 2024, was $33.37.
This secondary offering represents a further reduction of AIG's ownership stake in Corebridge Financial. The increased availability of shares in the market could influence trading dynamics and reflects AIG's ongoing strategy to divest its interest in Corebridge.
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