AIG, American insurer, is going to sell its 50% stake in London City airport to its partner, Global Infrastructure Partners (GIP), for an estimated £250m.
The two companies bought the airport together two years ago for around £750m. GIP, an investment fund owned by Credit Suisse, will now have full control over London City airport.
AIG, which was saved from collapse by an emergency $85bn (£47bn) loan from the US government, is selling businesses to help pay the loan back.
The US insurer is looking into further disposals of more than 15 businesses, including ILFC, its aircraft leasing unit and a stake in a large US reinsurer.
London City airport was sold in October 2006 by Dermot Desmond, the Irish financier.
GIP, which was established in 2006 by Credit Suisse and General Electric, invests globally in infrastructure assets, including power and utilities, natural resources, water distribution and treatment and waste management.
