AIG to sell 76.6% stake in Fortitude Re for $1.8 billion
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(Reuters) - U.S. insurer American International Group Inc said on Monday it would sell a major portion of its stake in reinsurer Fortitude Re to buyout fund Carlyle Group and Japanese insurer T&D Holdings for about $1.8 billion.Following the deal, AIG's stake in the company will drop to 3.5% from about 80%, while Carlyle's ownership in the company will rise to 71.5% from about 19.9%. T&D will have a 25% stake. The transaction is expected to close in mid-2020.Willkie Farr & Gallagher LLP..