Fortress Investment Group (FIG) has entered into a definitive agreement to acquire nearly 80% of American International Group (AIG) subsidiary American General Finance (AGF). The transaction is set to close at the end of 2011's first quarter.

According to this morning’s announcement, Fortress managed funds and its affiliates will purchase the greater part of AGF from the insurance giant. While the terms of the transaction were not disclosed, the press release states that AIG will retain a 20% interest in the consumer credit entity.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.