UBS buys AIG commodity indexing business

UBS has announced that it will acquire the commodity index business of AIG Financial Products Group. The deal includes the rights to the Dow Jones-AIG Commodity Index, one of the industry benchmarks which was launched a decade ago.

The equities business of UBS has agreed to pay US$15 million for the total transaction with an additional $135 million payable over the next 18 months dependent upon the acquisition's future earnings. The entire platform is made up of commodity index swaps and funded notes based on the DJ-AIG Commodity Index. The deal is expected to close in May 2009, at which point confirmation will be given on whether the index is to be re-branded in line with the bank's other indexes, according to a UBS

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