Fortress Investment Group LLC and American International Group have agreed that some of the former's managed funds and affiliates will acquire 80% of AIG's American General Finance, a mortgage and consumer credit provider.
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AIG will retain a 20% stake in the Evansville, Ind.-based AGF.
None of the parties involved would disclose terms of the transaction, which is expected to close in the first quarter of 2011 if it receives necessary regulatory approvals and meets customary closing conditions.
