Blackstone Real Estate Income Trust, Inc. signed definitive agreement to acquire portfolio of equity and debt interests in affordable housing properties from American International Group, Inc. (NYSE:AIG) for $5.1 billion on July 14, 2021. The consideration would be paid in cash and is subject to adjustment. In a related deal, The Blackstone Group Inc. (NYSE:BX) reached a definitive agreement to acquire 9.9% stake in SAFG Retirement Services, Inc. from American International Group, Inc. (NYSE:AIG) for $2.2 billion on July 14, 2021. Receipt of regulatory approvals or third-party consents is not a condition to the consummation of the transaction. Also, there is no financing condition for the transaction. This transaction is subject to customary closing conditions and is expected to close on December 31, 2021.

CBRE Capital Advisors, Inc. acted as financial advisor and C. Andrew Gerlach and Benjamin R. Weber of Sullivan & Cromwell LLP, Nixon Peabody LLP and Elkins Kalt Weintraub Reuben Gartside, LLP acted as legal advisors for American International Group. Eastdil Secured, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as financial advisors and Krista Miniutti, Davis Coen, Greg Ressa, Kathryn Christoforatos, Carla Elliot, Brendan Galloway, Taylor Hatch, Gianna Ceophas, Maddie Danziger and Lucas Fernandez-Rocha, Nancy Mehlman, Eli Shalam, Ben Wells and Kelly Karapetyan of Simpson Thacher & Bartlett LLP and Jones Day acted as legal advisors for Blackstone Real Estate Income Trust. Todd Freed and Jon Hlafter of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors for Blackstone Real Estate Income Trust, Inc. Roger D. Singer of Gibson, Dunn & Crutcher LLP acted as legal advisor to American International Group, Inc.

Blackstone Real Estate Income Trust, Inc. completed the acquisition of portfolio of equity and debt interests in affordable housing properties from American International Group, Inc. (NYSE:AIG) for approximately $4.9 billion on December 15, 2021. All AIG employees who supported the affordable housing portfolio full-time have been offered the option to join the Blackstone-affiliated portfolio company overseeing these assets.