American International Group agreed to sell its Taiwan insurance unit to a consortium led by Hong Kong's Primus Financial for $2.15bn, the companies announced on Tuesday.
The sale of Nan Shan, Taiwan's third-biggest insurer by market share, represents AIG's biggest divestment since it began selling assets to repay over $100bn in debt and equity to the US government, which rescued it from bankruptcy last year.
Primus and China Strategic, a Hong Kong-listed battery maker, will acquire a 97.57 per cent stake in Nan Shan pending regulatory approval.
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