AMR Corp., parent company of American Airlines, has sold American Beacon Advisors, its wholly owned asset-management subsidiary, to Lighthouse Holdings for $480 million.
Lighthouse Holdings is owned by investment funds affiliated with private equity firms Pharos Capital Group and TPG Capital.
While primarily a cash transaction, AMR will acquire a small equity stake in the parent company of Lighthouse Holdings.
American Beacon will continue to provide a number of services for AMR and its affiliates, including cash management for AMR and investment-advisory services and investment-management services for American Airlines pension, 401(k) and other health and welfare plans.
AMR said an independent third party reviewed and approved the continuing relationships between American Beacon and American Airlines pension, 401(k) and other health and welfare plans.