Notable Mergers and Acquisitions of the Day: HTX, AIG, BK/LYG

August 12, 2009 10:03 AM EDT

• Hutchison Telecommunications International Limited (NYSE: HTX) announced today that its subsidiary, Advent Investments Pte Ltd, has entered into a conditional agreement with Scailex Corporation Ltd., to sell its entire 51.3% equity interest in Partner Communications Company Ltd. for a consideration of approximately $1.381 billion, which represents $17.50 per Partner share. The purchase price is comprised of cash of approximately $1.081 billion and a secured debt instrument of $300 million.
  
  
• American International Group (NYSE: AIG) announced that it has entered into an agreement to sell 100% of its shares of AIG Finance (Hong Kong) Limited to China Construction Bank Asia for $70 million in cash, subject to typical closing adjustments, plus the repayment of intra-group indebtedness and deposits of approximately US$557 million.
  
  The transaction is subject to the satisfaction of certain conditions, including approvals by appropriate regulatory authorities.
  
  
• The Bank of New York Mellon Corporation (NYSE: BK) announced it has agreed to acquire Insight Investment Management Limited from Lloyds Banking Group plc (NYSE: LYG) for 235 million pounds Sterling. Based in London, Insight Investment specialises in LDI (Liability Driven Investment) solutions, active Fixed Income and Alternatives. Its clients include some of the UK's largest pension schemes, corporates, insurance companies and local authorities, along with a growing number of non-UK clients and some of the best known financial services and intermediary companies. Insight Investment's assets under management, net of identified internal assets that will be retained by another part of the Lloyds Banking Group, are approximately 80 billion pounds.
  
  Insight Investment will join the other investment boutiques at BNY Mellon Asset Management, a leading global asset management franchise. With this acquisition, The Bank of New York Mellon will have more than $1 trillion in assets under management. The acquisition is expected to close in the fourth quarter of 2009.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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