A Chinese consortium led by New China Trust has agreed to buy the aircraft leasing business of American International Group AIG. It will pay $4.23 billion for an 80.1% stake in International Lease Finance Corp ILFC, which will be the largest ever acquisition of a US company by a Chinese firm.
It exceeds the previous biggest Chinese purchase of a stake in a US firm, the $3 billion paid for Blackstone by China Investment Corp in 2007. The announcement closely followed the Canadian authorities’ approval on Friday of Cnooc’s $15.1 billion acquisition of domestic oil and gas producer Nexen.
“It is a landmark deal...
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