Debevoise & Plimpton has advised insurance company American International Group, Inc. on a $6 billion placement of shares in its Hong Kong spin-off, AIA Group Ltd.
Hong Kong partner Drew Dutton and New York partner Peter Loughran led a team acting for AIG, which sold the shares to institutional investors on March 5 as a way of partially paying back the U.S. government for a $182 billion bailout in 2008, following the onset of the global financial crisis. Reuters describes the deal as the second-largest block trade ever.
