UBS AG said it would pay $15 million upfront for AIG's product platform of commodity index swaps and funded notes.
This would be followed by further payments of up to $135 million over the following 18 months, depending on how the business fares, it said.
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The bank said the deal is subject to regulatory and "other conditions," without specifying.
AIG is in the process of restructuring its business after receiving a massive cash infusion last year from the U.S. government.