The equities business of Zurich, Switzerland-based UBS Investment Bank announced today that it has agreed to purchase the commodity index business of AIG Financial Products Corp. for a price that could total $150 million.
The transaction includes AIG's rights to the DJ-AIG Commodity Index business that is comprised of a product platform of commodity index swaps and funded notes based on the benchmark Dow Jones-AIG Commodity Index (DJ-AIGCI).
The transaction calls for $15 million to be paid at closing, and additional payments of up to $135 million over the following 18 months based upon future earnings of the purchased business.
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