The Work

June 30, 2009 5:08 PM

Debevoise, Linklaters Get More Work from AIG

Posted by Brian Baxter

UPDATE: 10:45 a.m., July 1. The fourth paragraph of this story has been updated with the names of the Debevoise lawyers that advised AIG.

We're not sure if AIG has reached the "everything must go" stage of selling off assets to help pay back $180 billion in federal government loans. But the ailing insurer continues to keep M&A lawyers busy.

This week AIG announced the divestitures of a Russian consumer finance business and a credit card company in Taiwan. Terms of the transactions were not disclosed.

The insurance giant sold a 98 percent stake in its Russian banking subsidiary OOO AIG Bank to Banque PSA Finance, a subsidiary of France's Peugeot. Debevoise & Plimpton, which has handled previous sales of AIG's asset management and Canadian life insurance units, once again advised the insurer on the deal.

Dmitri Nikiforov, the chair of Debevoise's Moscow office, handled the transaction for AIG along with associates Pavel Kozyrev, Philip Webb, and Alexey Yadykin.

Christophe Huet, a partner with CMS in Moscow, advised Banque PSA on the acquisition.

AIG also announced a deal to sell the Taiwanese assets of its AIG Credit Card Company to Taipei-based Far Eastern International Bank. Linklaters advised AIG on the deal, along with Asian aspects of an IPO for a subsidiary completed earlier this month to help AIG cut its federal government debt by $25 billion. (Debevoise also advised AIG on the share offer; see below for a list of related stories on AIG asset sales and the lawyers who advised on them.)

Russin & Vecchi, an international firm with experience in emerging markets, also advised AIG on the Taiwan deal.

Other firms handling previous asset sales for AIG include Sullivan & Cromwell, Weil, Gotshal & Manges, Sidley Austin, Simpson Thacher & Bartlett, and Kramer Levin Naftalis & Frankel.

The American Lawyer's Julie Triedman recently caught up with Arnold & Porter financial services cochair Kevin Barnard, who is advising three government-appointed trustees overseeing the 80 percent stake in AIG now held by U.S. taxpayers.

Related AIG Asset Sale Posts:

AIG Deals Net Work for Five Am Law Firms

Weil's AIG Fees Exceed $25 Million

Three Firms Headline Latest AIG Asset Sale

Simpson Thacher Joins AIG Divestiture Party

AIG Spreads the M&A Love: Sidley Advises on $1.9 Billion Sale of Auto Insurance Unit

Debevoise on Latest AIG Sale

Debevoise Advising AIG on Sale of Canadian Life Insurance Unit

Sullivan, Dewey Help AIG Unload Another Asset

Weil, Clifford Chance, Swiss Firms Helping AIG Spinoff Private Banking Unit

Davis Polk, Sullivan & Cromwell on Latest AIG Refinancing

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