BX Blackstone Inc

   By Stephen Nakrosis 
 

Shares of American International Group Inc. and Blackstone Group Inc. are both trading higher in Wednesday's after-hours session, following news of a deal that will see Blackstone manage some of AIG's life and retirement assets.

The deal will see Blackstone acquire a 9.9% equity stake in AIG's Life & Retirement business in a $2.2 billion all-cash transaction, the companies said.

AIG will also sell some affordable housing assets to Blackstone Real Estate Income Trust Inc. for $5.1 billion, the companies said.

At 5:41 p.m. ET, shares of AIG were trading 5.93% higher, at $49.16. Volume at the time topped 447,000 shares.

The company's stock finished the day's regular session with a 0.68% loss, closing at $46.41.

After the bell, shares of Blackstone Group had gained 2.89% at 5:49 p.m. ET, to trade at $101.50 each. Volume at the time topped 266,000 shares.

Blackstone shares finished the regular session on Wednesday with a 1.18% loss, closing at $98.65.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

July 14, 2021 18:10 ET (22:10 GMT)

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